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Mullin ISD board approves $300,000 McBank line of credit
Summary
On Aug. 20, 2024, the Mullin Independent School District Board of Trustees approved a resolution authorizing a $300,000 line of credit with McBank, secured by the district's TEA funding and effective Aug. 15–Sept. 30; Kayla Sparks was designated as authorized signatory.
At its Aug. 20, 2024 regular meeting in Mullin, the Mullin Independent School District Board of Trustees voted to approve a McBank line of credit in the amount of $300,000.
Trustee Dexter Morris moved that "the Board of Trustees authorize the acceptance of the loan agreement resolution with McBank for a line of credit in the amount of $300,000.00, with a term from August 15th through September 30th, secured by the Mullin Independent School District's annual TEA funding, and designate Kayla Sparks as the authorized signatory." Trustee Tina Sims seconded the motion, which passed with six Yeas and one absence (Bud Day). The meeting record lists the vote tally as: KATHRYN CAULKINS: Yea; MARION FERGUSON: Yea; DEXTER MORRIS: Yea; SANDY SANDERS: Yea; TROY SHELTON: Yea; TINA SIMS: Yea; BUD DAY: Absent.
The resolution sets the term of the line of credit from Aug. 15 through Sept. 30, 2024, and specifies that repayment/security is tied to the district's annual TEA funding. The motion also designates Kayla Sparks as the authorized signatory for the loan agreement. The motion text and vote are recorded in the official minutes for the Aug. 20 meeting.
No additional debate or amendments to the resolution are recorded in the available transcript segments. The board proceeded with other agenda items after the vote.
