Consent 2.
Flood Control District Meeting
Board of Supervisors
- Meeting Date:
- 07/16/2012
- Title:
- Line of Credit Flood Control District
- Submitted By:
- Pam Munsey, County Treasurer
- Department:
- County Treasurer
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:
Mariann Fletcher
TITLE
of PRESENTER:
of PRESENTER:
Chief Deputy Treasurer
Mandated Function?:
Federal or State Mandate
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Docket Number (If applicable):
Information
Agenda Item Text:
Approve establishing a revolving line of credit for Cochise County Flood Control District 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 Flood Control District.
Background:
Cochise County Treasurer maintains lines of credit on behalf of Cochise County Flood Control District 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 line and credit and promissory note.
Impact of NOT Approving/Alternatives:
There will be no line of credit established for Cochise County Flood Control District.
To BOS Staff: Document Disposition/Follow-Up:
When signed, return to Treasurer's Office. Treasurer will mail original to Chase Bank.
Fiscal Impact
- Fiscal Year:
- One-time Fixed Costs? ($$$):
- Ongoing Costs? ($$$):
- County Match Required? ($$$):
- A-87 Overhead Amt? (Co. Cost Allocation $$$):
- Source of Funding?:
Fiscal Impact & Funding Sources (if known):
No impact if no money is borrowed