The Central Community School Board met this evening at 6PM in a called meeting to consider an extension on a line of credit. On 9/26/07 the system opened a $1,150,000 line of credit and borrowed $750,000 against that line. The line comes due for repayment in about two weeks on 10/15/08. Superintendent Faulk explained that timing of payments on Grants, Ad-Valorem taxes and State MFP funds necessitates requesting a 90 day extension on the repayment of the line of credit. The first payment of Ad-Valorem taxes from the Sheriff’s department is due on 1/10/2009 and will amount to $2,150,000.
The board, after some discussion, voted to authorize the school system staff to go before the Louisiana Community Development Authority and request the extension to 1/15/2009. The vote was unanimous and the meeting was adjourned.
To see the entire video of tonight’s meeting (about 13 minutes) click play on the screen below.
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