As provided for in Education Code, the Board of Education is requested to approve delegation and authority of approving the temporary borrowing from the Alameda County Treasury to Shariq Khan, Chief Business Officer.

Based on the on-going cash deferrals as well as the proposed cash deferrals by the State of California, the Alameda Unified School District may have to borrow up to $25 million from the Alameda County Treasury. Interest will be charged at the pool rate which will be lower than the open market in which TRANS are normally issued. This will enable the district to bridge the cash shortfalls temporarily.