By Jennifer Eisenbart
Editor
The Burlington Area School District School Board approved $4.1 million in short-term borrowing Monday night to cover expenses through the first half of the school year.
The loan is through RW Baird Company in Milwaukee, with a .9255 percent interest rate and $37,209 due in interest.
“It is for cash-flow purposes,” said Superintendent Peter Smet. “Because state aid and property tax doesn’t come in until the second half of the year, and our expenses continue throughout the year.”
The district also received bids from BOK Financial Securities, Oppenheimer and Town Bank in Burlington, with the interest payment ranging from Baird’s low bid to $55,687.
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