Siuslaw School Board authorizes up to $4.2 million tax‑anticipation note to bridge budget shortfall

The Siuslaw School District 97J board voted to adopt Resolution 042226‑7.1 authorizing the issuance of a tax and revenue anticipation note up to $4,200,000 and participation in the Oregon education district short‑term borrowing program (series 2026‑a). The motion was read, seconded, and carried by voice vote at the April 22, 2026 meeting.

Business manager Cece told the board the proceeds would be deposited in the district general fund and used to pay ongoing district expenses and estimated costs of issuance. She said both principal and interest on the note would be repaid from property tax receipts received between October and December of the year of issuance: “We will be paying that back by December 30,” Cece said. The resolution text (read into the record) references the legal authority and requires the district to create a separate payment account to ensure funds for repayment.

Board members asked about likely interest costs. Cece said the current estimate provided by the program was about 2.95 percent, but cautioned that final pricing is set when the certificates are sold and can fluctuate. The resolution delegates authority to the district representative (superintendent or business manager) to finalize terms, execute the note purchase agreement, and take the administrative steps needed to close the transaction.

The resolution also names Piper Sandler & Co. as underwriter/placement agent and Hawkins, Delafield & Wood LLP as bond counsel. The board record shows the resolution was adopted and the chair and superintendent will sign the wet copy of the adopted document.