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Fond du Lac board approves up to $3 million short‑term credit line for cash‑flow; vote 6–1
Summary
The board authorized a revenue‑anticipation promissory note (line of credit) with National Exchange Bank & Trust not to exceed $3 million to cover temporary cash‑flow lows. Finance officer Mike Gerlach called it a short‑term cash‑flow 'insurance' policy; the resolution passed 6–1 with one member voting no.
The Fond du Lac School District Board voted 6–1 on Nov. 11 to authorize a taxable revenue‑anticipation promissory note — a line of credit — with National Exchange Bank & Trust for short‑term cash‑flow needs, capped at $3 million.
Finance officer Mike Gerlach told the board the measure is a cash‑flow management tool, not a long‑term borrowing plan: the district would not draw funds unless needed, interest is incurred only for days…
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