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School board authorizes superintendent to pursue forward rate lock for tax anticipation note
Summary
To hedge market volatility ahead of the 2025 tax anticipation note, the board authorized the superintendent to enter a forward fixed-rate lock with Wells Fargo if deemed in the district’s best interest; the TAN is not to exceed $15 million.
The School Board authorized the superintendent to enter into a forward fixed-rate lock agreement ahead of the district's 2025 tax anticipation note (TAN) to protect against market rate movements. The board approved the measure by voice vote.
District staff explained that Indian River County School District relies heavily on locally assessed property tax revenues, which do not arrive until October and November. To cover operational expenses from July through December the district borrows…
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