4:40 - Incurring Debt

Policy 4:40

Business and Non-Instructional Operations

Incurring Debt

The Superintendent shall provide early notice to the Board of Education of the District’s need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the Board of Education, at its discretion, to (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness or (2) establish a line of credit with a bank or financial institution. The Superintendent shall notify the State Board of Education before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in state law.

Adopted: September 8, 1997
Revised: February 20, 2007; March 19, 2019; February 25, 2019

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