FORT VALLEY -- The Peach County school district only withdrew about half of the $3 million tax anticipation note amount approved by the board in September, finance director Susan Perry said at a school board meeting Tuesday.
The tax anticipation note is a loan to a government entity to temporarily cover expenses from revenue it expects to receive later. Peach County was eligible to borrow up to $3 million under the terms of the loan, with payment due by Dec. 31.
The district withdrew slightly more than $1.5 million in September. That amount, plus more than $8,000 in interest, was then paid off on Dec. 17, two weeks before the payment was due.
“We were pleased to be able to pay that early,” Perry said.
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In other business, the school board unanimously approved a revised ethics policy that complies with a state model on board conduct.
The policy was changed to meet requirements outlined in SB 84, passed in 2010. Peach County’s previous policy already required board members’ signatures acknowledging their understanding of the rules and addressed many of the stipulations of the state model already, said Jim O’Shields, assistant superintendent for administrative services.
The board also reached a consensus to move the time of its monthly study sessions from 5 p.m. to 6 p.m. but will continue to hold the sessions on the last Tuesday of the month. The change will take effect at Peach County’s Jan. 25 study session.
The dates and times of the school board meetings remain unchanged.
To contact writer Andrea Castillo, call 256-9751.