Presents a Webinar:
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Note: The complete program including, replays, transcripts, and slides are available in the CDIAC Education Portal. Registration required but materials are free.
A tax and revenue anticipation note (TRAN) is a short-term financing tool that may be a critical component of a cash flow solution. Local agencies are experiencing severe revenue disruption and unplanned COVID-19 related expenses. State and local government policies intended to soften the pandemic-induced financial shock on businesses and individuals have delayed the collection of taxes and fees and have relaxed the pursuit of delinquencies. This combination has created extraordinary revenue and expenditures patterns and cash flow problems not seen since the Great Recession. Join us in this webinar to gain a fundamental understanding of what TRANs are, how the securities are used, and how an agency prepares to access the market – individually or as part of a pool. Speakers will discuss the factors an agency should consider when analyzing whether this tool fits in their comprehensive financial strategy. This program qualifies for 1.25 hours of MCLE credit and is considered certifiable by most governing bodies.
Moderator: Robert Berry, Executive Director, CDIAC
Chas Cardall, Partner, Orrick, Herrington & Sutcliffe LLP
Don Field, Partner, Orrick, Herrington & Sutcliffe LLP
Craig Hill, Managing Principal, NHA Advisors
Recommended Readings
CDIAC has consolidated available information on COVID-19 that relates to municipal debt on our COVID-19 Municipal Debt Resources page. Highlighted below are the resources most applicable to TRAN financing.
- California Debt Financing Guide, Section 3.3.4 TRANs and RANs and Section 4.5 Cash Flow Borrowings
California Debt and Investment Advisory Commission (CDIAC) - Cash Flow and Budget Relief for Local Governments and Borrowers in California
Orrick - Steps to Issue TRANs
California School Boards Association (CSBA)
TRAN Pools for FY 2020-2021
Information on available California municipal TRAN pools is as of June 11, 2020.
| Pool | Open To | FY 20/21 Issuance | Contact |
|---|---|---|---|
| CSDA TRAN Pool | All Municipalities | Issue planned for September 2020. Gauging interest until mid-July 2020. | Jeff Land Brandis Tallman JLand@bradistallman.com More Info |
| California Statewide Communities Development Authority (CSCDA) | All Municipalities | Received board authorization to establish TRAN pool, if interest is received. | James Hamill CSCDA jhamill@cscda.org (925) 476-5644 More Info |
| California School Cash Reserve Program (CSBA) | California school districts, COEs, and community college districts | Multiple issues planned for FY 20/21: July 2020, Fall 2020, and Spring 2021. | Mark Farrell Dale Scott & Company mfarrell@dalescott.com 415.956.1030 ext 111 More Info |
| California School Finance Authority (CSFA) | California school districts, community college districts, COE, and non-profit borrowers such as charter schools | Prepared to issue TRANs – standalone and pooled. | Katrina Johantgen CSFA Executive Director Katrina.Johantgen@treasurer.ca.gov Office (213) 620-2305 Cell (213) 219-9882 |
| California Education Notes Program | All School & Community College Districts in California | Multiple Issuances Planned for FY 20/21. | Chris Hiatt Keygent LLC Chris.Hiatt@keygentcorp.com Office (310) 322-4222 Cell (310) 774-7071 |
| California Community College Financing Authority (CCCFA) | California Community Colleges | Issuance planned for around February for FY 20/21. | Lisa Mealoy Community College League LMealoy@ccleague.org (916) 245-5027 More Info |
| Los Angeles County Pooled Financing Program (LACOE) | Los Angeles County School and Community College Districts | Multiple issuances planned in FY 20/21. | Jeff Young Los Angeles COE Young_Jeff@LACOE.edu (562) 922-6419 More Info |
| San Diego County and School District TRAN Program (SDCSD) | School districts within San Diego County | Issuance planned for FY 20/21 in July. | Natalie Azzam, CPA San Diego COE Natalie.Azzam@sdcoe.net (858) 295-6657 |
| Kern County Board of Education | School districts within Kern County | Issuance planned for FY 20/21. | Priscilla Quinn Kern County Superintendent of Schools Prquinn@kern.org (661) 636-4215 |
| Other County Offices of Education | Varies, generally K-14 schools within the county | Varies by county, some may offer a TRAN pool. | Contact your county office of education to see if they have an available pool. |
CDIAC does not endorse any particular public, private, or non-profit organization, and the information presented and opinions expressed in resources external to CDIAC are solely that of the professionals and organizations cited. Available TRAN pools are provided on this page as a courtesy, and CDIAC does not maintain or validate information provided by external organizations.
If there are available TRAN pools that are not listed, we encourage the sponsoring organization to contact CDIACEducation@treasurer.ca.gov.
Certificate of Attendance For Replays
A certificate of attendance will be automatically issued to those who complete the courses in the CDIAC Education Portal. Participants can submit their Certificate of Attendance to their governing entity to request credits, such as CPE credits. CDIAC’s education programs are accepted by many governing entities as certifiable.
CDIAC is an approved provider of Minimum Continuing Legal Education (MCLE) credit by the California State Bar and has approved California Government Code, Legal Investments, and Investment Policy for MCLE credits.