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Board authorizes $1.203 million School Loan Revolving Fund application
Summary
The board voted to approve the School Loan Revolving Fund Annual Loan Application for $1,203,020.85, the amount of qualified debt millage to be levied; motion was made by Roger Cupp and supported by Norma Switalski and carried 6-0 with one absent.
At the July 20 meeting, administrative staff reported the district must pass a resolution to borrow $1,203,020.85 from the School Bond Qualification and Loan Program, described in the meeting as the amount of qualified debt millage to be levied. Lisa VanZoest presented the requirement; Roger Cupp moved approval and Norma Switalski seconded the motion, which carried 6-0 with one member absent.
The transcript does not include loan terms, repayment schedule or how proceeds will be allocated; those details were not presented and are listed as "not specified." The board recorded the approval to proceed with the application and directed administration to complete required filings.
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