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Board authorizes up to $10.175 million in short-term notes to ease cash-flow squeeze
Summary
The Bellevue Board of Education approved a resolution authorizing issuance of general-fund short-term notes not to exceed $10,175,000 to address timing gaps in state and federal revenue; an outside advisor said tax-anticipation notes could lower interest costs compared with the district’s bank line of credit.
The Bellevue Board of Education voted to authorize general-fund short-term notes not to exceed $10,175,000 to address a district cash-flow shortfall caused by the timing of state and federal revenue.
During the meeting, a district official explained that the board had used $5,000,000 of an existing line of credit in November and later borrowed an additional $3,000,000 for payroll, leaving the district with intermittent shortfalls before tax receipts arrive in April and August. The district operates on a roughly $137,000,000 annual budget and begins the year with approximately $20,000,000 in reserves but said internal liquidity was insufficient to cover timing gaps.
An external advisor, Cody…
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