City TRAN Placement Recommended with Westamerica Bancorporation

The Financial Advisory Board recommended that the City Council approve issuance of a $9 million FY 2019-20 Tax and Revenue Anticipation Note to Westamerica Bancorporation at 2.19% interest. The direct placement is intended to bridge fall cash flow shortfalls until property tax revenues are received in mid-December 2019 at a lower overall cost than a public offering.

Document date · May 14, 2019

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Scope & details

The full contract record, as filed.

Contract amount

$9,000,000 TRAN at 2.19% interest

Contract type

FINANCIAL_SERVICES

Contract term

FY 2019-20 tax and revenue anticipation note; to be repaid from property tax revenues expected by mid-December 2019

Renewal date

2019-12-15

Renewal

Single-year tax and revenue anticipation note expected to be repaid from FY 2019-20 property tax revenues; not a renewable revolving facility.

Document type

Minutes

Source document

El Cerrito Financial Advisory Board Minutes May 2019

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by City of El Cerrito?

Westamerica Bancorporation was awarded this financial services contract by City of El Cerrito, as recorded on May 14, 2019. The contract value is $9,000,000 TRAN at 2.19% interest.

How much is the Westamerica Bancorporation contract with City of El Cerrito worth?

The Westamerica Bancorporation contract with City of El Cerrito is valued at $9,000,000 TRAN at 2.19% interest, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a minutes record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in El Cerrito Financial Advisory Board Minutes May 2019 (Minutes), dated May 14, 2019 from City of El Cerrito. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Westamerica Bancorporation hold?

Westamerica Bancorporation may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

View Westamerica Bancorporation's profile

What is City of El Cerrito currently buying?

Explore City of El Cerrito's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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