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Madison District board approves up to $1.2 million note to bridge state-aid timing
Summary
The board approved a resolution authorizing notes in anticipation of state school aid through the Michigan Finance Authority not to exceed $1.2 million to provide temporary cash flow for the 2026–27 fiscal year; trustees voted unanimously on the measure as presented.
The Madison District Public Schools Board of Education voted to authorize issuance of notes in anticipation of state school aid through the Michigan Finance Authority in an amount not to exceed $1,200,000 to provide temporary operating cash flow during the 2026–27 fiscal year.
Administration presented the resolution, noting the notes would be repaid from anticipated state school-aid revenues and are backed by the district’s full faith and credit as allowed under Michigan law. Trustee Harp moved the resolution and a trustee support was recorded; the board responded with unanimous "Aye" votes and the motion carried.
Superintendent and trustees characterized the borrowing as a cash-flow measure to ensure the district can meet operational obligations until state payments are received. No detailed roll-call tally was recorded in the public transcript; the motion passed with no recorded opposition.
Next steps include executing the resolution through the Michigan Finance Authority and using state school-aid proceeds for repayment when they are received.
