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Elizabeth School District board approves short-term interest-free loan to shore up payroll cash flow
Summary
The Elizabeth School District Board of Education on March 31 approved a resolution to authorize a short-term, interest-free loan of $1 million as a precaution against payroll cash-flow strain; staff said an earlier roughly $3.7 million loan has been repaid and repayment of the new loan is expected within about 30 days.
The Elizabeth School District Board of Education voted to approve a resolution authorizing a short-term, interest-free loan of $1 million to address temporary cash-flow pressures.
Board Chair convened the special meeting at 8:30 a.m. and said the single action item was an interest-free loan resolution. A staff member identified as Dan told the board the district had already repaid an earlier borrowing “I think…
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