The school board has voted to approve a tax anticipation note, (TAN) of $20 million. Dr. Lockamy tells me that the district must borrow $20 million for two reasons; changes in the timing of state funding and a delay in property tax collections because of changes in the assessment process. Lockamy says if they don't borrow the money, the district will not have enough money to pay the bills or pay salaries. He says teachers and staff should not have a delay in their salaries because the district didn't receive their money on time.
Prospective bidders will be invited to submit bids for the purchase of the note.
The $20 million will be paid back on or before December 31, 2009.
School board president, Dr. Joe Buck, says this is the first time the district has had to resort to a TAN in more than 20 years. Dr. Buck and Susu Cox reiterate that it's temporary. Board member, Lori Brady, says the protest needs to be at the state capital, not at 208 Bull Street.
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