BOARD APPROVES SEEKING BIDS FOR LINE OF CREDIT
At the December 21 meeting, the Board of Education approved seeking bids for a $6 million dollar line of credit in order to have money to cover end of the school year expenses.
In November, the Board approved issuing $6.2 million in working cash bonds to eliminate the District’s ongoing deficit in the Education Fund. A petition campaign to have the issue placed on the ballot has been successful. The public will have an opportunity to vote on the working cash bonds in March. Business Manager Bud Martin said, “Since the working cash is going to referendum, we won’t know until the end of March if that money will be available.” It is likely the District will need the money prior to the end of March. The debt has been carried over for a number of years in the Education Fund. If the working cash bonds are approved, that would move the expense into the working cash fund while eliminating the deficit in the Education Fund. There would be no increase in the overall tax rate for taxpayers.
