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School board approves deficit-bond authorization, cites $7 million state-aid advance
Summary
The South Country Central School District Board unanimously approved a resolution authorizing deficit financing of up to $11,000,000 and heard that the state signed special-act legislation and will advance $7,000,000 to ease near-term cash flow; district officials said a bond closing is targeted for late May.
The South Country Central School District Board of Education on May 6 unanimously approved a deficit-bond resolution authorizing the issuance of up to $11,000,000 to liquidate the district’s general-fund deficit at the fiscal year end of June 30, 2026. Board members voted on a motion to adopt the resolution after a district official described recent state action that cleared the way for both deficit borrowing and an advance of aid.
The district’s presenter, Mr. Belmonte, told the board that four bills were signed giving the district authority to borrow and that the state also authorized a $7,000,000 advance of general aid to help with liquidity. “Last Wednesday, the district was very…
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