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Board authorizes annual School Loan Revolving Fund application; CFO authorized to file
Summary
Board authorized the annual loan/repayment activity application for the School Bond Qualifications and Loan Program and authorized the CFO to file application and draw documents; CFO said filing is required even if the district will not borrow.
The Lake Shore Board voted to approve the Annual Loan/Repayment Activity Application for participation in the School Bond Qualifications and Loan Program and authorized the Chief Financial Officer to file the application and any draw request documents. The motion was made by Board member Amy Thomas-August and seconded by Board member Susan DeLong and passed on a recorded vote.
Ms. Larsen, identified in the meeting as the district's Chief Financial Officer, told the board: "we need to file the application even if we don't borrow. We are in repayment mode currently." The item was described as an administrative requirement to maintain eligibility and to handle repayment activity as needed.
No borrowing decision was recorded at the meeting; the action authorized staff to complete application paperwork as required by the program.
