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Wauzeka-Steuben board authorizes Peoples line-of-credit; terms to be finalized in December
Summary
The board approved authorizing a Peoples Financial/Peoples State Bank line of credit for cash-flow purposes and recorded that specific terms will be finalized at the December 2024 meeting; vote was 5–0.
During the Oct. 28 special meeting, Board of Education President Nikki Asleson moved to authorize a line of credit with Peoples (Peoples State Bank) for short-term cash-flow purposes. Board member Tom Martin seconded the motion, and the board approved it by a 5-0 voice vote.
The motion as recorded states that specific terms for the line of credit will be presented and approved at the district's December 2024 School Board meeting; the minutes do not include interest rate, maximum amount, or maturity dates. The agenda packet references the line-of-credit item as "School District Line of Credit - People's State Bank for Cash Flow Purposes - Specific terms will be approved at the December School Board meeting."
No amendments or conditions were recorded in the minutes. Further details and formal loan documents are expected to be provided at the December meeting for board consideration.
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