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BOE approves short-term loan
Published Tuesday, November 18, 2008
DEMOPOLIS — DEMOPOLIS – The Demopolis City Board of Education approved superintendent Dr. L. Wayne Vickers to negotiate a short-term loan to help cover any potential shortcomings from the state.
The board set the maximum of this short-term loan — to be negotiated from a local bank — at a month’s payroll for the school system, estimated at $1.1 million.
The action took place at the board’s regularly-scheduled meeting Monday night.
The procedure was the same taken at last month’s board meeting, brought on by the uncertainty of state funding and the possibility of proration, which would curtail state funds for education.
“Most of our reserves is invested in CDs (certificates of deposit),” Vickers said, “and we have them invested at a higher interest rate. It costs us less money to borrow the money short-term than it would be to cash in our CDs. So, we’re just trying to manage our money. If the state sends us 100 percent of our allocation, we’ll be fine. If they do not send us 100 percent, then we’ll have to make up the difference with this instead of touching our reserves.
“This board wanted to be proactive and make sure that they send me that letter two days prior to payroll that I will be able to quickly move and make things run smoothly.”
Other actions taken at the Demopolis City Board of Education meeting on Monday included:do not send us 100 percent, then we’ll have to make up the difference with this instead of touching our reserves.
“This board wanted to be proactive and make sure that they send me that letter two days prior to payroll that I will be able to quickly move and make things run smoothly.”
Other actions taken at the Demopolis City Board of Education meeting on Monday included:
•The board approved the resignation of Demopolis High School bookkeeper Sara Peppenhorst. Following a brief executive session, the board then approved Katherine Oates to fill the position. Peppenhorst has worked with the Demopolis City Schools system for more than 18 years.
•The board approved the following field trips: Westside Elementary: kindergarten to the city landing and the Marengo Theater on Dec. 2, second grade to the Marengo Theater on Dec. 3, Fab 4’s to Santa and a movie in Tuscaloosa on Dec. 11; Demopolis Middle School: Student Government Association students to Washington, D.C., for the Presidential inauguration ceremony on Jan. 19-21; and Demopolis High School: Future Teachers of Alabama to the University of West Alabama school of education on Nov. 19.
The next regularly-scheduled board meeting will be on Monday, Dec. 15, at 5:15 p.m. at the school board office.
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Posted by ArthurE (anonymous) on February 2, 2009 at 3:07 a.m. (Suggest removal)
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