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Meeting Date:
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Category:
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Type:
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Subject:
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Approval of a Resolution for Bank Line of Credit |
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Strategic Plans:
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Enclosure:
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File Attachment:
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Summary:
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Approval of a line of credit in the amount of $20 million with Bank of Springfield at 5.95%. |
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Funding:
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Resolution
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The Superintendent recommends the following resolution:
WHEREAS, it is necessary that the District maintain sufficient cash flow throughout the year to meet authorized payroll and accounts payable expenses of the District as they become due; and
WHEREAS, the District may experience temporary cash-flow shortages; and
WHEREAS, Section 5/17-17 of the School Code authorizes the issuance of notes or other obligations in connection with the establishment of a line of credit with a bank or other financial institution that may be drawn upon in the event of a cash flow shortage; and
WHEREAS, it is in the best interests of the District that a line of credit be so established for fiscal year 2024-2025; and
NOW THEREFORE BE IT RESOLVED that the Superintendent is hereby authorized and directed to enter into an agreement with Bank of Springfield finalizing the line of credit for $20,000,000 at a rate of 5.95% for a term beginning April 22, 2025, through June 30, 2025. |
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Approvals:
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Recommended By: |
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Signed By: |
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Steve Miller - Director |
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Signed By: |
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Jennifer E. Gill - Superintendent |
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Vote Results:
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| Original Motion | | Member Micah Miller Moved, Member Erica Austin seconded to approve the Original motion 'The Superintendent recommends the following resolution:
WHEREAS, it is necessary that the District maintain sufficient cash flow throughout the year to meet authorized payroll and accounts payable expenses of the District as they become due; and
WHEREAS, the District may experience temporary cash-flow shortages; and
WHEREAS, Section 5/17-17 of the School Code authorizes the issuance of notes or other obligations in connection with the establishment of a line of credit with a bank or other financial institution that may be drawn upon in the event of a cash flow shortage; and
WHEREAS, it is in the best interests of the District that a line of credit be so established for fiscal year 2024-2025; and
NOW THEREFORE BE IT RESOLVED that the Superintendent is hereby authorized and directed to enter into an agreement with Bank of Springfield finalizing the line of credit for $20,000,000 at a rate of 5.95% for a term beginning April 22, 2025, through June 30, 2025.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Anthony Mares | Yes | | Micah Miller | Yes | | Sarah Blissett | Yes | | Buffy Lael-Wolf | Yes | | Erica Austin | Yes | | Ken Gilmore | Yes | | Debra Iams | Yes | |
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