Tax Revenue Anticipation Notes (TRAN) Program

Will your district need a TRAN? 

  • Per the State Treasurer’s Office, districts are “expected to receive only about 70% of their State apportionment payments for 2020-21 with deferrals starting in February 2021 and continuing through June 2021. The apportionment deferrals are expected to continue for 2021-22.”
  • Districts without significant cash reserves will likely need to look at issuing a TRAN.

The League’s Pooled TRAN
The League has assembled a team of experts from Stradling Yocca Carlson & Rauth, and Morgan Stanley with over 70 years of combined experience working with California Community Colleges to meet their financing needs.

  • Cost of Issuance savings from aggregating the issues of two or more districts.
  • Creates a larger offering which is more attractive to investors.
  • Seamless process which includes TRAN Resolution provided by bond counsel and active hands-on cash flow assistance included.

Schedule for Fiscal and Cross-Year TRANs


Fiscal Year TRANs

Cross-Year TRANs

Application Period

Until  March

Until October 1

Cashflows Sizing

March -  mid-May

October -  mid-November

District Board approval

By June

By December

Credit Ratings Received

By mid- June

By mid- January

TRAN Priced

Late June

Early February

Closing and Delivery of Funds

Early July

End of February

Pooled TRAN Application
Click here to download the enrollment form.

Stand Alone TRAN
Districts that are looking to use their own team, or issue outside of the pooled TRAN issuance dates may also utilize the Community College Financing Authority. Please contact Lisa Mealoy for more information.


Community College Financing Authority TRAN Team:

Karma Pemba, Morgan Stanley
Karma has more than 14 years of financial service experience concentrating on California community college district financings.  Karma’s expertise includes short and long-term G.O. and Lease Revenue Bonds/ COP financings and has served as an underwriter to numerous community colleges in the State.

David Casnocha, Stradling Yocca Carlson & Rauth
David has practiced in public finance for more than 43 years and serves as bond and disclosure counsel to public agencies and underwriter's counsel to both national and regional investment banking firms. He also has served as bond counsel to more than 500 school and community college districts in California.

Carlos Villafuerte, Stradling Yocca Carlson & Rauth
Carlos' experience includes serving as bond counsel, disclosure counsel, and underwriter’s counsel on all types of short and long-term financings for school districts and community college districts.