Consent 10.
Regular Board of Supervisors Meeting
County Treasurer
- Meeting Date:
- 07/12/2011
- Title:
- Line of Credit
- Submitted By:
- Arlethe Rios, Board of Supervisors
- Department:
- County Treasurer
Presentation:
No A/V Presentation
Recommendation:
Document Signatures:
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
NAME
of PRESENTER:
of PRESENTER:
n/a
TITLE
of PRESENTER:
of PRESENTER:
n/a
Mandated Function?:
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Agenda Item Text:
Approve establishing a revolving line of credit for the County from JP Morgan Chase Bank, N.A. pursuant to A.R.S. Section 11-604.01 and authorize the County Treasurer to enter into an agreement with the bank to provide the line of credit to the county.
Background:
Cochise County Treasurer maintains lines of credit on behalf of Cochise County with the County's servicing bank. The Board of Supervisors may enter into agreements with a financial institution authorized to do business in this state for the purpose of obtaining a separate and distinct revolving line of credit for the county and each individual political subdivision of the county for the current fiscal year to pay the lawful claims and obligations of the political subdivision until sufficient monies for payment from property taxes and other non-restricted revenues are received by the treasurer.
Department's Next Steps (if approved):
If approved by BOS, Chairman to sign attached letter.
Impact of NOT Approving/Alternatives:
There will be no line of credit established for the county.
To BOS Staff: Document Disposition/Follow-Up:
When signed, file copy and also provide copy to Treasurer's. Mail original to Chase Bank.
Fiscal Impact
Attachments
No file(s) attached.