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Seaside board authorizes TANS loan as state, federal funding lags
Summary
With state and federal payments delayed, Seaside SD 10 approved a tax and revenue anticipation note (TANS) June 17. Business Manager Toni Vandershule said the loan process takes about 30 days and carries roughly a 4% interest rate. The measure passed 5-0 (2 absent).
The Seaside School District 10 board voted June 17 to authorize tax and revenue anticipation notes (TANS) to manage cash-flow shortfalls while awaiting delayed state and federal funding.
Business Manager Toni Vandershule told the board the district’s current cash reserves are on track to pay staff through September but the loan would protect payroll if funding delays persist. Vandershule noted the TANS process typically takes at least 30 days and said the interest rate on the type of short-term note under consideration is about 4%.
Board members said the district used TANS during 2020–21 and discussed whether to exhaust reserves first; Vandershule said the district would likely pursue the TANS even if some funding arrives later. The resolution (Resolution #6) authorizing the TANS passed on a motion by Shannon Swedenborg, seconded by Sondra Gomez, carried 5-0 with two members absent.
