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Tax Anticipation Notes Program

First Public's Tax Anticipation Notes (TAN) program is offered to Texas school districts to cover shortfalls and provide cash flow during deficit months.

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In times of financial uncertainty, First Public's Tax Anticipation Notes (TAN) Program is an invaluable resource for school districts seeking to ensure the continuity of operations. Our TAN financing program provides the necessary funds to cover general operating expenses, allowing your district to maintain stability and focus on delivering quality education.

Key Benefits of the TAN Program

  • Helps manage a district’s imbalances in revenues vs. expenditures during a fiscal year
  • Provides working capital to cover maintenance and operating expenses
  • Saves time by qualifying districts before the school year begins, eliminating the need for voter approval
  • Do not need voter approval if they mature in less than a year
  • Are not subject to arbitrage requirements

How a TAN Works: Seven Easy Steps to Cover Shortfalls and Provide Cash Flow

  1. DETERMINE AMOUNT
    First Public advises on the amount of the TAN. Amount based upon district’s cash flow projections for the upcoming fiscal year.
  2. UPLOAD FINANCIAL REPORTS
    • Three years of audited financial statements (if not available on MAC)
    • Interim or adopted budget for FY2025
    • Prior fiscal year cash flow
  3. FINALIZE AMOUNT
    First Public assists with determining final amount. All documents and cash flows are then reviewed by bond counsel.
  4. APPROVE PRICING
    District’s administration approves all aspects of the pricing including interest rate on the notes, investment of proceeds, and final costs of issuance.
  5. ADOPT RESOLUTION
    District’s board adopts program documents and sends signature pages to First Public.
  6. FINALIZE CLOSING
    Funds are wired to the district’s investment pool of choice.
  7. INVEST AND ACCESS TAN PROCEEDS
    Districts have immediate access to TAN proceeds for cash flow purposes. Interest is earned on TAN proceeds while not being used for cash flow, offsetting some or all of the cost of the note.

    TAN is repaid within one year of issuance.

Contact us to learn more about First Public’s TAN Program and explore the benefits for your district.


The Firm’s role is limited in the underwriting process pursuant to the IRMA process.