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Keystone Central discusses short-term borrowing as state budget impasse passes 100 days
Summary
Facing a state budget stalemate of more than 100 days, Keystone Central officials described contingency plans including a tax revenue anticipation note (TRAN) and a purchasing freeze. Board members pressed district staff on costs, timing and constraints; authorization for bond counsel was slated for a later vote if needed.
Keystone Central School District officials told the board on Nov. 6 that district finances can cover operations into January but urged preparation for a possible shortfall if the state budget remains unresolved.
"We could take out a loan. We could cash in some of our investments. I didn't think we should do that," said a staff member presenting the financing options, explaining the district favors a tax revenue anticipation note (TRAN) — a drawdown line of credit that charges interest only on money actually used. He said…
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