DEB Redline Dec 9.pdf (153 KB)

​Boulder Valley School District ​​ ​File: DEB​ ​Adopted: prior to 1978​ ​Revised: April 13, 2004, June 9, 2009​ ​LOAN PROGRAMS​​AND​​COOPERATIVE FUNDING PROGRAMS​ ​(Funds from State​/Federal​​Tax Sources)​¶​ ​Short-term Borrowing​ ​The Superintendent shall notify the Board when it becomes evident that cash​ ​balances will not meet anticipated obligations. Under such circumstances​​the​ ​Board may negotiate, under the provisions of Colorado statutes, for a loan in​ ​such amounts as may be required to meet such obligations. Such a loan may not​ ​be obtained without prior approval of the Board.​ ​The Board authorizes the President and the Superintendent to execute​ ​promissory notes on behalf of the District from time to time as such borrowing of​ ​funds becomes necessary and may further authorize them to execute any and all​ ​other documents necessary or incidental to the borrowing of funds.​​By law,​ ​t​T​hese short-term loans must be repaid​​in accordance with State law.​​by the​ ​close of the fiscal year in which the loan was received.​ ​State Interest-free​​or Low-Interest​​Loan Program​ ​The Superintendent shall notify the Board when it becomes evident that a​ ​general fund cash deficit will occur in any month​​in the coming fiscal year​. Under​ ​such circumstances the Board may elect to participate in an interest-free​​or​ l​ow-interest​​loan program through the State Treasurer’s office by adopting a​ ​resolution approving participation in the program.​​The loan may not exceed an​ ​amount certified by the District’s Chief Financial Officer and the Superintendent.​ ​However, the Superintendent may not apply for such loan without a resolution of​ ​the Board. The State Treasurer shall determine the method for calculating cash​ ​deficits and appropriate reporting mechanisms.​ ​All loans shall be repaid by June 25 of the fiscal year in which they were made or​ ​an alternate date determined by the State Treasurer.​ ​Tax Anticipation Notes​ ​The Board may issue tax anticipation notes without an election if it determines​ ​that taxes due the District will not be received in time to pay projected budgeted​ ​expenses. Tax anticipation notes shall mature on or before June 30 of the fiscal​ ​year in which the tax anticipation notes were issued.​ ​Page​​1​​of​​3​

​Tax anticipation notes issued by the District shall not exceed 75 percent of the​ ​taxes the District expects to receive in the current fiscal year as shown by the​ ​current budget​.​ ​Loans for Renewable Energy or Energy Efficiency Projects​ ​The Board may authorize the Superintendent to apply to the state's energy office​ ​for a loan to fund renewable energy projects or energy efficiency projects in​ ​accordance with state law.​ ​Cooperative Projects and School District Funding​ ​Except for noncategorical state and federal funds received by the School District​ ​to support the general fund budget, other outside funds received for any project​ ​requiring the expenditure of School District funds and/or the cooperative use of​ ​School District facilities on a regularly scheduled basis shall be brought to the​ ​Board of Education for authorization before the project is instituted.​ ​When such projects are proposed, the following information shall be presented:​ ​1. Specific educational needs to be served.​ ​2. Alternatives considered in meeting those needs.​ ​3. Specific strategies and activities planned to meet those needs.​ ​4. A budget identifying revenue anticipated from all sources (including​​all​​in-kind​ ​contributions of each fundor); itemized expenditures (including projections for​ ​salaries and benefits, supplies and equipment, inservice and training expense,​ ​travel to professional meetings, etc.); and staffing requirements.​ ​5. Scope and duration of the project, including a description of the population to​ ​be served.​ ​6. Description of decisionmaking framework and responsibilities assigned school​ ​personnel.​ ​Cooperative projects will be staffed and initiated subsequent to Board​ ​authorization. School District selection and compensation policies will be followed​ i​n making staffing arrangements whenever possible.​ ​In approving cooperative projects, the Board of Education will be responsible​ ​only for School District contributions authorized in the project budget and only for​ ​the purposes described. If total anticipated revenue is not received, services​

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​must be curtailed. Services to school-age children have the highest priority for​ ​retention in such circumstances.​ ​In the event that implementation extends into more than one budget year, the​ ​Board will review the project annually as part of the School District budget review​ ​process.​ ​LEGAL REFS.:​ ​C.R.S. § 22-40-107​​(short term loans)​ ​C.R.S. § 22-44-110(5) (​authorizing mid-year budget adjustments for specific​ ​circumstances​)​ ​C.R.S. § 22-54-110​​(loans to alleviate cash flow problems)​ ​C.R.S.​​22-92-101​​(Renewable Energy and Energy Efficiency for Schools Loan​ ​Program Act)​ ​C.R.S. § 29-15-101​, et seq. (Tax Anticipation Note​​Act)​ ​1 CCR​​301-85​​(State Board of Education rules governing the renewable energy​ ​and energy efficiency for schools loan program)​ ​End of File: DEB​

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