California School Districts Diving Into $1 Billion Tran Pool

Williams, Rochelle
June 2003
Bond Buyer;6/2/2003, Vol. 344 Issue 31647, p48
Trade Publication
This article reports that hundreds of small-to medium-sized California school districts are pooling together to sell nearly $1 billion of tax revenue anticipation notes in June 2003, in a deal being issued by the California School Cash Reserve Program Authority. The Tran pool issuance has been an annual event since 1987 through the cash reserve program authority, a joint power agency and independent body. The proceeds enable fiscally sound school districts to get through their seasonal cash flow needs to pay for such items as salaries and benefits while waiting for state payments. In addition, the service provides small and medium sized school districts access to the market that they might not have if not for the pooling, unlike the big school districts, which can go to the market on their own.


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