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Racine Unified to seek renewal of $10 million short-term line of credit for cash-flow
Summary
Superintendent and board discussed a resolution to renew a taxable tax- and revenue-anticipation promissory note (TRAPN) with Johnson Bank not to exceed $10,000,000 to cover short-term payroll or cash‑flow gaps; the measure will be scheduled for a vote at the Oct. 20 business meeting.
Superintendent Christopher Gajewski told the Racine Unified School Board on Oct. 6 that administration will present a resolution to renew a taxable tax- and revenue‑anticipation promissory note (TRAPN) with Johnson Bank in an amount not to exceed $10,000,000 to cover short‑term cash‑flow needs.
The TRAPN would be a…
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