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DEB

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DEB
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Boulder Valley School District
Adopted: date of manual adoption  
Revised: April 13, 2004, June 9, 2009, January 13, 2026

LOAN PROGRAMS AND COOPERATIVE FUNDING PROGRAMS

Short-term Borrowing

The Superintendent shall notify the Board when it becomes evident that cash balances will not meet anticipated obligations. Under such circumstances the Board may negotiate, under the provisions of Colorado statutes, for a loan in such amounts as may be required to meet such obligations. Such a loan may not be obtained without prior approval of the Board.

The Board authorizes the President and the Superintendent to execute promissory notes on behalf of the District from time to time as such borrowing of funds becomes necessary and may further authorize them to execute any and all other documents necessary or incidental to the borrowing of funds. These short-term loans must be repaid in accordance with State law.

State Interest-free or Low-interest Loan Program

The Superintendent shall notify the Board when it becomes evident that a general fund cash deficit will occur in any month. Under such circumstances the Board may elect to participate in an interest-free or low-interest loan program through the State Treasurer’s office by adopting a resolution approving participation in the program. The loan may not exceed an amount certified by the District’s Chief Financial Officer and the Superintendent. However, the Superintendent may not apply for such loan without a resolution of the Board. The State Treasurer shall determine the method for calculating cash deficits and appropriate reporting mechanisms.

All loans shall be repaid by June 25 of the fiscal year in which they were made or an alternate date determined by the State Treasurer.

Tax Anticipation Notes

The Board may issue tax anticipation notes without an election if it determines that taxes due the District will not be received in time to pay projected budgeted expenses. Tax anticipation notes shall mature on or before June 30 of the fiscal year in which the tax anticipation notes were issued.

Tax anticipation notes issued by the District shall not exceed 75 percent of the taxes the District expects to receive in the current fiscal year as shown by the current budget.

Loans for Renewable Energy or Energy Efficiency Projects

The Board may authorize the Superintendent to apply to the state's energy office for a loan to fund renewable energy projects or energy efficiency projects in accordance with state law.

Cooperative Projects and School District Funding

Except for noncategorical state and federal funds received by the School District to support the general fund budget, other outside funds received for any project requiring the expenditure of School District funds and/or the cooperative use of School District facilities on a regularly scheduled basis shall be brought to the Board of Education for authorization before the project is instituted.

When such projects are proposed, the following information shall be presented:

  • Specific educational needs to be served;
  • Alternatives considered in meeting those needs;
  • Specific strategies and activities planned to meet those needs;
  • A budget identifying revenue anticipated from all sources (including all in-kind contributions of each funder); itemized expenditures (including projections for salaries and benefits, supplies and equipment, in service and training expense, travel to professional meetings, etc.); and staffing requirements;
  • Scope and duration of the project, including a description of the population to be served;
  • Description of decision-making framework and responsibilities assigned school personnel.

Cooperative projects will be staffed and initiated subsequent to Board authorization. School District selection and compensation policies will be followed in making staffing arrangements whenever possible.

In approving cooperative projects, the Board of Education will be responsible only for School District contributions authorized in the project budget and only for the purposes described. If total anticipated revenue is not received, services must be curtailed. Services to school-age children have the highest priority for retention in such circumstances.

In the event that implementation extends into more than one budget year, the Board will review the project annually as part of the School District budget review process.

LEGAL REFERENCES