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Board discusses exploring short‑term bank loans and lines of credit; formal motion withdrawn, CFO to research
Summary
The Citizens Budget Oversight Committee recommended the district explore establishing relationships with commercial banks for short‑term bridge loans or lines of credit. Board members questioned whether the investigation needed a formal vote; the motion was withdrawn and the chief financial officer was asked to research options and report back.
Members of the district’s Citizens Budget Oversight Committee asked the board on June 10 to authorize staff to research short‑term commercial loans and lines of credit as potential bridging tools for future cash‑flow gaps. The committee’s presentation noted state law allows short bridging loans (often 90‑day instruments) and said the district has not used this option previously.
CBOC and finance staff said the goal was to ‘‘establish those relationships when it’s not an emergency’’ so the district could negotiate from a position of strength if a…
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