The North Colonie Central School District Board of Education establishes that with the approval of the Board, the chief business official may borrow short-term funds by issuing either revenue or tax anticipation notes.
Quotes on interest rates to be paid by the district shall be solicited from banks and other financial institutions qualified to do business in the State of New York.
The District Treasurer shall keep on file a written record of quoted interest rates. The note shall be awarded to the bank that quotes the lowest rate of interest. In the event that more than one bank quotes the same lowest rate of interest, and one of those banks is designated depository for the district’s general fund monies, then priority shall be given to that bank in awarding the note.
Ref: Local Finance Law §§ 54.90; 57.10; 58.00; 60.00; 60.10
Op. St. Comp. 99-6
Policy Adopted: September 8, 1969
Amended: November 12, 1973
Amended: May 18, 1998
Amended: November 23, 2015