3291

Policy

 

Business

 

 

Borrowing

 

 

            The cash income of the school district may not always parallel the rate of expenditures.  When the district is temporarily unable to meet general fund obligations, and acting upon the recommendation of the superintendent, the board will authorize the borrowing of sufficient funds from an approved lending agency.  These short term loans will be repaid as soon as district receipts permit the district to meet financial obligations and to retire the debt.

 

            The district may, with the approval of the Board of Education, sell notes, and establish a fund from the proceeds, and borrow from that fund.  The term of those notes shall not exceed one year.

 

 

 

 

Legal Reference:            R.R.S.

                                    79-520 Power to borrow money; conditions; authorization to accept loans from state or federal government.

 

 

Adopted: October 4, 1983

Revised: February 19, 1990