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Raymond #14 board authorizes $1.2 million short-term credit, votes to place $750,000 operational referendum on April ballot
Summary
The Raymond #14 School District board voted Jan. 20 to pay off a short-term line-of-credit extension and reestablish a $1.2 million six-month line to stabilize cash flow and unanimously approved a resolution to place a three-year, $750,000-per-year operational referendum on the April 1 ballot; the board also approved 51 open-enrollment seats.
The Raymond #14 School District board voted on Jan. 20 to pay off a line-of-credit extension and negotiate a new six-month credit agreement for $1.2 million to bridge month-to-month cash-flow gaps while the district pursues an operational referendum.
Mr. Leach, the district administrator, told the board the bank offered an extension after a September short-term loan was not repaid on schedule and the district used loan proceeds to cover summer bills. "There was not a default. We are not bankrupt," Mr. Leach said, adding that the district expects a large tax distribution in January and an additional payout in February that will allow it to retire the extension. He recommended the board authorize administration to pay off the extension and reenter a line of credit. The motion to approve that action passed unanimously.
At the same meeting the board voted to…
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