Action 2.
Special Board of Supervisors Meeting - 10:00 am
Board of Supervisors
- Meeting Date:
- 06/25/2024
- Title:
- Adopt Resolution approving the form and authorizing the execution and delivery of a Line of Credit agreement for Cochise County and Wells Fargo
- Submitted By:
- Lara Loewenheim, Board of Supervisors
- Department:
- Board of Supervisors
Presentation:
No A/V Presentation
Recommendation:
Approve
Document Signatures:
BOS Signature Required
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
2
NAME
of PRESENTER:
of PRESENTER:
Catherine L. Traywick
TITLE
of PRESENTER:
of PRESENTER:
County Treasurer
Mandated Function?:
Federal or State Mandate
Source of Mandate
or Basis for Support?:
or Basis for Support?:
11-604.01
Docket Number (If applicable):
Information
Agenda Item Text:
Adopt Resolution 24-09 approving the form and authorizing the execution and delivery of a Line of Credit agreement for Cochise County between the Treasurer of Cochise County and Wells Fargo Bank ratifying all actions taken to date with respect to the Line of Credit Agreement.
Background:
Pursuant to A.R.S. 11-604.01. 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):
Once approved and signed, send copy to Treasurer's office. Treasurer will mail copy to Wells Fargo.
Impact of NOT Approving/Alternatives:
Not in compliance with A.R.S. 11-604.01.
To BOS Staff: Document Disposition/Follow-Up:
Once approved and signed, send copy to Treasurer's office. Treasurer will mail copy to Wells Fargo.