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School board approves tax anticipation notes to finish athletics upgrades
Summary
The Amherst Exempted Village School Board approved a resolution to issue tax anticipation notes totaling about $2.5 million to complete athletics facility work, with board members discussing repayment term limits and the option to prepay principal without penalty.
The Amherst Exempted Village School Board approved a resolution authorizing the issuance and sale of tax anticipation notes with an aggregate principal of about $2.5 million to fund general permanent-improvement projects, primarily to finish athletics upgrades.
Board members and finance staff discussed repayment terms and costs before the roll call. A district finance staff member summarized the funding and repayment pledge, saying, “The tax anticipation note is a borrowing instrument. . . . The inside millage movement to permanent improvement is what is being pledged to repay the tax anticipation.”
The resolution as discussed calls for roughly $2,500,000…
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