# DC\_ Taxing and Borrowing When it becomes evident early in the fiscal year before substantial tax monies have been received that the cash balances will not meet anticipated obligations, the Board of Education may elect to negotiate, under the provisions of Colorado statutes, for a loan in such amounts as may be required to meet such obligations. The Board may authorize the president and the Chief Financial Officer to execute promissory notes on behalf of the school district from time to time as such borrowing of funds becomes necessary and may further authorize them to execute any and all other documents necessary or incidental to the borrowing of funds. By law, short-term loans are to be liquidated from monies subsequently credited to the general fund within six (6) months following the close of the fiscal year. As an alternative, the Board may issue tax anticipation notes without an election if it determines that taxes due the district will not be received in time to pay projected budgeted expenses. Tax anticipation notes issued shall be in accordance with applicable legal requirements. Nothing in this policy shall prohibit or limit the district from utilizing other statutory authority such as, but not limited to, registering warrants, issuing bonds, or utilizing tax anticipation notes, issued by the State Treasurer. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://cmsd2.gitbook.io/cheyenne-mountain-school-district-policies/section-d-fiscal-management/dc_-taxing-and-borrowing.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.