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Board approves up to $15 million tax anticipation note to cover mid‑October cash shortfall
Summary
To address a projected mid‑October cash shortfall, the school board approved a tax anticipation note (TAN) not to exceed $15 million; the board locked an interest rate around 3.93% and authorized repayment by Dec. 18, 2025, in a 4–0 vote.
The school board voted unanimously to approve a tax anticipation note (TAN) not to exceed $15 million to cover an anticipated mid‑October cash-flow shortfall. The resolution approving the TAN (resolution 2026-05) passed by roll call vote 4–0.
District finance staff said the district’s revenue is weighted to local property tax collections that arrive later in the year, creating a recurring negative cash position in October. Mister Green, the district finance presenter, told the board that without the TAN the district would face a roughly $7.5 million negative cash flow in mid‑October…
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