Policy DFE/FFB: Short Term Notes

BOARD POLICY
Descriptive Code: DFE/FFB

SHORT TERM NOTES
Date: May 18, 1999

The Newton County Board of Education, as it deems necessary, may vote a resolution authorizing the borrowing of money for school purposes. The aggregate amount of all such loans outstanding at any one time shall not exceed 75% of the total income of the Board from taxes received by the Board in the last preceding year.

The resolution authorizing the borrowing of funds shall state the amount to be borrowed, the length of time it is to be used, the rate of interest to be paid, the purpose for which it is borrowed and from whom it is to be borrowed. Such loans shall be payable on or before December 31 of each year, and the Board cannot incur an aggregate of loans and other contracts or obligations for current expenses in excess of the total anticipated revenues of the Board for such calendar year.

The Board Chairperson and Superintendent shall execute the note(s) for money that is authorized to be borrowed under the resolution passed by the Board.

ADOPTED: 8/16/88

Newton County Board of Education