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Board authorizes short-term borrowing under Wisconsin Statutes
Summary
The board authorized the district to secure temporary loans as needed under Wisconsin Statutes to meet expenses until tax monies are available, approving the motion during the Aug. 26 meeting.
At the Aug. 26 Budget Hearing and Annual Meeting, the Darlington Community School District board authorized the Board to secure temporary loans as necessary under Wisconsin Statutes to cover expenses until tax revenues arrive. Motion by Winslow, seconded by Gratz, "that the Board be authorized to secure as needed temporary loans in accordance with Wisconsin Statutes for the purpose of meeting expenses until such time as tax monies are available." The motion carried.
The authorization gives district officials short-term borrowing authority for cash-flow needs between levy collection cycles. The minutes record the statutory authority referenced but do not specify loan limits, lenders, or expected timing; those details would be set administratively if borrowing is required.
