July 23, 2014 at 2:10 p.m.
SA board picks bank (12/10/03)
Bank of Berne will make loan to school corporation
BERNE — Members of the South Adams School Board selected the First Bank of Berne to carry its loan against anticipated 2004 tax revenue.
The $2.2 million dollar loan is being borrowed to pay for expenditures during 2004 at an interest rate of 1.76 percent. Board members also considered a loan proposal from First Bank of Geneva, which was offering a higher interest rate of 2.075 percent. The corporation has done business with both banks in the past, and decided to vote for the lower interest rate.
The corporation is borrowing close to 80 percent of its anticipated local income.
South Adams Supt. Connie Bailey explained to the board during a meeting in November that because the corporation has not received its local funds for 2003 — and the state support payment won’t arrive until December of 2004 — they had no choice but to take out the loan.
The loan is broken down into $2 million for the general fund and $200,000 for the debt service fund.
Bailey has also said that if the corporation experiences further budget shortfalls, it could advertise for a loan against state funds, but she isn’t sure that will be necessary.
The board also accepted a bid for a 2005 Bluebird transit bus from Midwest Transit Equipment. The bus, which the district will get next year, will cost $59,067. While it was not the lowest bid the corporation received, school officials believed it was the best quality bus. The purchase also includes options of dark tinted glass, seat belt-ready seats, a camera system and a block heater.
The corporation also will receive $2,200 for the trade-in of an older model bus.
In other business Tuesday, the board:
•Approved the second reading on the policy revision for retirement management. This policy ensures that the corporation set aside money guaranteed for severance pay for retiring employees. The money set aside will only apply for local retirement funds.
•Unanimously approved a resolution authorizing the adoption of the retirement plan. The resolution is needed to adopt the retirement plan mentioned above.
•Approved a resolution to authorize the payment of necessary claims, reductions of appropriations and transfers needed to balance accounts.
This is a end-of-year activity, so that all corporation accounts will be balanced by the end of the year. This resolution is identical to a resolution passed by board members during the same period last year.
•Granted the conference request of choir instructor Brent Hyman, to attend a meeting of the American Choral Directors Association in Indianapolis on Feb. 27-28, 2004; and to the Indiana Musical Educators Conference on Jan. 8-9, 2004.[[In-content Ad]]
The $2.2 million dollar loan is being borrowed to pay for expenditures during 2004 at an interest rate of 1.76 percent. Board members also considered a loan proposal from First Bank of Geneva, which was offering a higher interest rate of 2.075 percent. The corporation has done business with both banks in the past, and decided to vote for the lower interest rate.
The corporation is borrowing close to 80 percent of its anticipated local income.
South Adams Supt. Connie Bailey explained to the board during a meeting in November that because the corporation has not received its local funds for 2003 — and the state support payment won’t arrive until December of 2004 — they had no choice but to take out the loan.
The loan is broken down into $2 million for the general fund and $200,000 for the debt service fund.
Bailey has also said that if the corporation experiences further budget shortfalls, it could advertise for a loan against state funds, but she isn’t sure that will be necessary.
The board also accepted a bid for a 2005 Bluebird transit bus from Midwest Transit Equipment. The bus, which the district will get next year, will cost $59,067. While it was not the lowest bid the corporation received, school officials believed it was the best quality bus. The purchase also includes options of dark tinted glass, seat belt-ready seats, a camera system and a block heater.
The corporation also will receive $2,200 for the trade-in of an older model bus.
In other business Tuesday, the board:
•Approved the second reading on the policy revision for retirement management. This policy ensures that the corporation set aside money guaranteed for severance pay for retiring employees. The money set aside will only apply for local retirement funds.
•Unanimously approved a resolution authorizing the adoption of the retirement plan. The resolution is needed to adopt the retirement plan mentioned above.
•Approved a resolution to authorize the payment of necessary claims, reductions of appropriations and transfers needed to balance accounts.
This is a end-of-year activity, so that all corporation accounts will be balanced by the end of the year. This resolution is identical to a resolution passed by board members during the same period last year.
•Granted the conference request of choir instructor Brent Hyman, to attend a meeting of the American Choral Directors Association in Indianapolis on Feb. 27-28, 2004; and to the Indiana Musical Educators Conference on Jan. 8-9, 2004.[[In-content Ad]]
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