FILE:  DFEA

TAX ANTICIPATION NOTES
The Board is permitted by law to borrow money in anticipation of the collection of taxes, for the purpose of securing funds for school operations, or for the payment of previous loans. Issuance of all tax anticipation notes requires Board approval.

With the approval of the State Board of Education, the Board may also borrow money in anticipation of state aid. Interest on such loans shall not exceed the maximum set by law.
LEGAL REFERENCE: General School Laws: 380.1225; Municipal Finance Act, Chapter IV: 134.1-134.11
REVISED: 6-24-86
 

The Benton Harbor Area Schools, Berrien County, Michigan