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Oysterponds board authorizes up to $1 million in tax anticipation notes
Summary
The board adopted a resolution authorizing issuance of Tax Anticipation Notes not to exceed $1,000,000 for the 2026–2027 fiscal year, invoking Sections 24.00 and 39.00 of the Local Finance Law and delegating sale/issuance authority to the Board President.
The Oysterponds Board of Education on June 9 adopted a resolution authorizing the issuance of Tax Anticipation Notes (TANs) in a principal amount not to exceed $1,000,000 to be issued in anticipation of 2026–2027 real estate tax collections. The resolution cites Sections 24.00 and 39.00 of the Local Finance Law as the statutory basis for the notes.
The resolution specifies that notes shall mature within one year of issuance, be general obligations of the district pledging its faith and credit, and delegates power to sell and issue the notes to the President of the Board (chief fiscal officer) subject to statutory provisions. Roll-call on the resolution was recorded in the minutes listing Ayes (6) and the board members by name.
Board minutes record the legislative text of the resolution and the roll-call result; the minutes do not include further detail on timing, interest rate, or expected draw amount within the authorized $1,000,000 ceiling.
