The Commerce Board of Education took action in a called meeting last Tuesday night (June 25) to make sure it has operating funds.
First, the board accepted a bid from Pinnacle Bank to provide a $1 million tax anticipation notice — a loan backed by anticipated property tax payments. The interest rate is 1.99 percent, and there are no fees.
The board had solicited proposals from all local banks, receiving bids also from First Commerce Bank (2 percent interest rate, no loan fee), Northeast Georgia Bank (2.85 percent, $750 loan fee), and United Community Bank (2.99 percent, $250 loan fee).
Regions Bank and Community Bank and Trust did not submit bids.
The loan must be paid off Dec. 31.
In its other action, the board of education approved a one-month spending resolution so interim superintendent Joy Tolbert “may expend funds from all funds for the month of July 2013, not to exceed one-twelfth of the final amended budget for all funds for the fiscal year ended June 20, 2013, plus debt service and capital expenditures known to be due in July 2013.”