Consent 8.
Regular Board of Supervisors Meeting
County Treasurer
- Meeting Date:
- 07/08/2014
- Title:
- Adopt Resolution approving the form and authorizing the execution and delivery of a Line of Credit agreement for Cochise County and J.P. Morgan Chase
- Submitted By:
- Pam Munsey, County Treasurer
- Department:
- County Treasurer
Presentation:
Recommendation:
Document Signatures:
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
2
NAME
of PRESENTER:
of PRESENTER:
TITLE
of PRESENTER:
of PRESENTER:
Mandated Function?:
Source of Mandate
or Basis for Support?:
or Basis for Support?:
Docket Number (If applicable):
Information
Agenda Item Text:
Adopt Resolution 14-21, 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 J.P. Morgan Chase 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 Chase.
Impact of NOT Approving/Alternatives:
Not in compliance with A.R.S. 11-604.01.
To BOS Staff: Document Disposition/Follow-Up:
When signed, send copy to Treasurer's office. Treasurer will mail copy to Chase.
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.