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