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.