California Debt and Investment Advisory Commission

Presents a Webinar:

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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.

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
More Information
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.

Continuing Education Credits

CDIAC sends a Certificates of Attendance to all attendees who participate in at least 70% of the webinar. The certificate will state the name of the program, date, location, beginning time, end time, and the number of hour(s).

  • Attorneys: CDIAC is an approved provider of Minimum Continuing Legal Education (MCLE) credit by the California State Bar. After the webinar, attendees can email CDIACEducation@treasurer.ca.gov to request a MCLE Certificate of Attendance and provide their State Bar Number.
  • County Treasurers/Tax Collectors: Under California Government Code Section 27000.8, CDIAC’s educational programs are a source for California county treasurers, tax collectors, or treasurer/tax collectors to obtain continuing education credits.
  • Other Credits: Participants can submit their Certificate of Attendance to their governing entity to request credits. CDIAC’s education programs are accepted by many governing bodies entities as certifiable.