We're ready! The California School Boards Association Finance Corporation (CSBAFC), along with our partners, Piper Jaffray & Co. and Orrick, Herrington & Sutcliffe are prepared for the 2008 California Cash Reserve Program for school districts, community colleges, county offices of education and community college districts.
The Cash Reserve Program is a cash management tool designed to supplement your general fund cash reserves for the fiscal year and to act as a cushion for temporary cash flow needs. To create this reserve, a one-year tax-exempt obligation (a Tax and Revenue Anticipation Note or TRAN) is issued.
School districts, as well as county offices of education, are often faced with the difficult situation of having to fund regular monthly expenditures with irregular receipt of state aid and property tax revenues. These imbalances are typically caused by the uneven or "lump sum" receipt of revenues (e.g., twice a year property tax receipts as compared to regular monthly expenditures).
Proceeds from the sale of a Cash Reserve Program TRAN issue may be used to fund imbalances caused by the mismatch between revenues and expenditures. This program meets cash-flow needs of schools in a cost-effective, efficient manner.
Contact Piper Jaffray & Co.
1235 Hermosa Ave., Ste 300
Hermosa Beach, CA 90254
(800) 876-1854
(310) 406-1940
Fax: (310) 406-1955
Mark Farrell
Managing Director
mark.j.farrell@pjc.com