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Burlington district authorizes up to $2.6 million short-term borrowing for cash-flow needs
Summary
The school board approved a parameters resolution to participate in a pooled tax and aid anticipation note program to cover short-term cash-flow gaps; the loan will not exceed $2.6 million and the maximum interest rate in the resolution is capped at 6%.
The Burlington Area School District approved a parameters resolution authorizing temporary borrowing not to exceed $2,600,000 to meet short-term cash-flow needs, the board decided after a staff presentation on the annual practice.
The district will participate in a pooled tax-and-aid anticipation note program arranged by PMA, a firm that previously managed the district's 2018 referendum proceeds. The resolution authorizes district administration to finalize…
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