School board approves $10 million TAN
Wed, 28 Sep 2011 20:32:35 GMT —
The Dougherty County School System Finance Committee voted to approve a tax-anticipation note of 10 million dollars.
The school board later approved the TAN from the firm Morgan Keegan.
The loan is just for cash-flow purposes only while they wait for the tax income to come through in December.
The interest on the loan is .594 of 1%.
"That will sit in our bank account, we can reinvest it, but it will be used to offset that interest that we have to pay and obviously we have to pay it by the 31st of December," says Finance Director Robert Lloyd.
Also at Wednesday's meeting, the school board voted to keep two interim Network and IT Support Coordinators in place of a permanent director.
Superintendent Dr. Josh Murfree says this action will save the board over $75,000.