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Bristol Borough SD approves short-term TRAN borrowing to bridge grant timing for boiler project
Summary
The board authorized a tax anticipation note with Penn Community Bank to provide July-to-November cash flow for a boiler project that is grant‑funded (the district must spend funds first and then receive reimbursement). The resolution authorizes officers to execute closing documents.
The Bristol Borough School District board approved a resolution authorizing a tax anticipation (TRAN) note and related documents with Penn Community Bank at its June 11 meeting. The motion empowers the school board president, secretary and district officials or designees to "execute and deliver any and all documentation as may be necessary to close upon the tax anticipation note," the resolution states.
Chris explained the financing is "basically a cash flow thing": the district expects to borrow in July and repay in November to bridge timing for a grant-funded boiler project, saying, "we received a grant for that funding, but you have to spend the money 1st and then receive the grant money back, and that takes time." The board approved the resolution in a roll-call vote.
