Members of Florence School District 4 Board of Trustees unanimously approved a resolution making provision for a tax anticipation note not to exceed $1 million during a regular meeting Tuesday.
Mamie Tedder, the district’s director of finance, said there is at least a $500,000 deficit that the district must address by issuing a tax anticipation note or TAN.
A tax anticipation note is a short-term note issued to finance immediate operating and maintenance expenses of the district.
The note is issued in anticipation of future tax collections.
Tedder said without the TAN the district would struggle until taxes were collected during the first few months of the year 2010.
Florence 4 Superintendent Dr. Bertha McCants said she doesn’t anticipate the district would need as much as $1 million and the funds would be used for any expenses that need to be paid, but couldn’t because the district is waiting on funds from the federal or state level.
Such expenses could include supplies, salaries and payment to vendors.
In other business, the board approved re-enacting its Admission of Transfer Students policy.
The board also denied one lease/purchase proposal for the former Timmonsville High School and requested additional information for a proposal for the property to be used as a Veterans Assisted Living Center.
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