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CAB Borrowing Money
June 20, 2007 - The Charles A. Beard School Board voted unanimously last week to approve the borrowing of money to offset delays in the receipt of property tax funds.
Following up on information he first presented last month, CAB Business David Bundy told board members at their June 12 meeting that a temporary loan from the Indiana Bond Bank would be necessary for the school corporation to meet payroll and a debt obligation on a Common School Fund loan that comes due at the first of July. He said officials in Henry and Rush counties told him it could be mid-August before CAB receives its property tax draw.
Bundy estimated that CAB may need to borrow about $884,000, which would have to be repaid by December 31 of this year. According to the legal ad the school corporation has published in this week's Banner for the tax anticipation warrants that will be sold to the IBB to secure the loan, CAB could borrow as much as $2 million, which Bundy said represents the amount of CAB's General Fund levy.
The interest rate on the IBB loan will be no higher than 6.5 percent, and Bundy told board members he expects it will be less. Pursuant to state statute, anyone objecting to the issuance of the tax anticipation warrants may not bring any action to contest the validity of the warrants later than 15 days from today, the date CAB published its first legal notice advertising the sale of the tax warrants.
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