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Littleton Public Schools Policy |
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Policy Code DC Policy Name Taxing and Borrowing Authority/Limitations Adoption July 2, 1984 Revised September 25, 1997 |
The District’s taxing authority is established by state law.
The Board of Education is permitted, by law, to borrow money in anticipation of collection of the taxes for the purpose of securing funds for District operations or for the payment of previous loans. Issuance of all tax anticipation notes requires Board of Education approval.
Borrowing
Short-Term Loans
Due to the timing of state property tax collections or other circumstances, it may be necessary for the District to obtain short-term loans. The maximum amount of the loan would be in accordance with state law. Such loans shall be approved by the Board of Education.
Loans Between District Funds
The Board of Education delegates the authority to make loans among District funds to the Superintendent and his/her designee.
Debt Limitation
The District shall have a limit of bonded indebtedness as stipulated by state law.
Bonding and Debt Service
It shall be the policy of the District to retain a professional financial consultant, when deemed in the best interest of the District, to assist in the long-range capital financing of the District.
State Interest-Free Loan Program
If the District does not have moneys available for expenditures equal to 1/12 of equalization program funding, the Board of Education delegates the authority to the Superintendent and/or his/her designee to participate in an interest-free loan program through the state treasurer’s office.
Legal Reference: Colorado Revised Statutes
C.R.S. 22-40 -107
C.R.S. 22-44-113
C.R.S. 22-42-104
C.R.S. 22-42-101 through 129
C.R.S. 22-43-101 through 110
C.R.S. 29-15-101 through 112