Borrowing of Funds | Policy 5340

Education Law provides the Board of Education with the responsibility and authority to raise from time to time, by tax, to be levied upon all the real property of the district such sum as the Board of Education establishes as necessary for teachers’ salaries and the ordinary contingent expenses of supporting the schools of the district. The Board is likewise authorized to borrow
funds only by the following means:

  • Serial Bonds
  • Bond Anticipation Notes
  • Capital Notes
  • Tax Anticipation Notes
  • Revenue Anticipation Notes
  • Budget Anticipation Notes

Each of these borrowing forms have specific purposes, limitations, and procedures for their use outlined in law and regulation. The district will be guided by the laws and regulations governing these borrowing forms at the time of their use.