School Board Approves Tax Anticipation Note Resolution
The Huntington School Board voted 6-0 this past Monday evening to approve a resolution enabling the district to issue $30 million in Tax Anticipation Notes for the 2012/13 school year.
At this point, the district is unsure of the exact amount of its borrowing needs. That decision will be made in late August or early September, according to district officials.
The TANs, as they are known, are issued each year in anticipation of the collection of property taxes and can only be used for the same purposes. The TANs will not be issued in renewal of other TANs. The notes will mature within the period of one year from the date(s) of their issuance.
The TANs will be executed in the name of the district by the manual signatures of the School Board president and vice president, the district treasurer, the district clerk or such other officer of the district as shall be designated by the chief fiscal officer of the district and will "have the corporate seal of the district impressed or imprinted thereon which corporate seal may be attested by the manual signature of the district clerk," according to the resolution.
Proceeds from the TANs will be invested by the district until such time as they are needed to pay general obligation expenses.