Kent City Community Schools
Bylaws & Policies
 

6145 - BORROWING

It is the policy of the Board of Education (the "Board") of Kent City Community Schools, Kent, Muskegon, Newaygo, and Ottawa Counties, Michigan (the "School District") that all debt obligations of the School District be paid in a timely manner to avoid any default or delinquency in payment. To further such policy, the Board directs that all payments of principal and/or interest on debt obligations of the District be noticed to both the Superintendent of Schools and the Treasurer of the Board at least thirty (30) days prior to the due date of such payments. If the Superintendent of Schools has not confirmed in writing at least ten (10) days prior to the due date of such payments to the Treasurer of the Board that such payment shall be made by the administration, the Treasurer shall consult with the administration to guarantee that such payments are made in a timely manner. The Treasurer shall be provided, at the organizational meeting, with a payment schedule for all principal and interest payments on debt obligations of the District due in the current fiscal year.

Upon the initiative of the Board and with the approval of the Municipal Finance Commission or State Department of Education, the Superintendent shall prepare the data and applications regarding the borrowing of funds against State Aid Notes, Tax Anticipation Notes, and Bond Issues. Such borrowing shall be in accordance with the provisions of Section 1225 of the School Code.

M.C.L.A. 134.1 et seq., 188.761 et seq., 380.1225

Revised 12/96
Revised 2/97