The Bibb County Board of Education decided unanimously Thursday to authorize a tax anticipation note to make up for state budget reductions.
The school system also agreed to select State Bank & Trust as its lending agent for the $14.5 million TAN. Superintendent Sharon Patterson said State Bank & Trust offered the most favorable terms with an interest rate of 1.23 percent.
“This will allow us for salaries to be paid in September,” Patterson said. “(The shortfall) created a loss of revenue when the state cut our budget by 3 percent.”
Patterson said the school system only has to pay the interest rate on the amount of money it borrows, not the entire line of credit.
The school board also decided to pass a concurrent resolution to one made earlier this week by the Bibb County Commission.
The school board is authorizing the tax commissioner to send out tax bills and start collecting money using the ’09 revaluation of properties.
For those properties that are still under appeal, the tax commissioner will send out a bill of 50 percent based on the 2009 revaluation.
The resolution still must be approved by Macon City Council.
In other decisions made by the school board Thursday:
Ÿ The board agreed to continue a partnership with the Board of Regents to provide opportunities for student-teachers.
Ÿ The board selected a special purpose local option sales tax team and agreed to send out a referendum resolution for a SPLOST vote this November.
Ÿ The board also agreed to a budget amendment for the 2010 fiscal year budget.
Also Thursday, the board was presented with two plaques for awards of merit from the 2009 Build Georgia Awards.
The awards were presented for the design and construction of Howard High School and the refurbishment of Northeast High School.
To contact writer Phillip Ramati, call 744-4334.