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County approves TRAN loan for VVUHSD
SAN BERNARDINO • The San Bernardino County Board of Supervisors approved a $19 million Tax and Revenue Anticipation Note, or TRAN, for the cash-strapped Victor Valley Union High School District, according to county spokesman David Wert.
The TRAN, which was taken out on behalf of the district, will provide much-needed cash flow that the district needs to pay its bills without going insolvent. A TRAN is a low-interest loan based on estimated future income from taxes and sales.
According to Wert, a TRAN is similar to a payday cash advance. Wert said private investors front the money for TRANs, and although they do not offer a high-yield return, they are safe and secure transactions that offer benefits for both parties.
Lynnea Lombardo may be reached at (760) 951-6232 or at LLombardo@VVDailyPress.com.
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