Acton-Boxborough Regional School District Notes to Basic Financial Statements Year Ended June 30, 2024
NOTE 6 – SHORT-TERM FINANCING Short-term debt may be authorized and issued to fund the following:
• Current operating costs prior to the collection of revenues through issuance of revenue anticipation notes (RANS). • Capital project costs and other approved expenditures incurred prior to obtaining permanent financing through issuance of bond anticipation notes (BANS) or grant anticipation notes (GANS). Short-term loans are general obligations and carry maturity dates that are limited by statute. Interest expenditures and expenses for short-term borrowings are accounted for in the general fund.
Details related to the short-term debt activity for the year ended June 30, 2024, are as follows:
Balance at
Balance at
Rate (%)
June 30,
Renewed/
Retired/
June 30,
Type Purpose
Due Date
2023
Issued
Redeemed
2024
Governmental Funds: BAN Municipal Purpose……………
4.25% 07/25/24 $
- $5,000,000 $
- $5,000,000
Total Governmental Funds…………………………………$
- $5,000,000 $
- $5,000,000
At the July 25, 2024, maturity date, the $5,000,000 BAN was rolled forward with an interest rate of 4.50% and a maturity date of July 10, 2025.
NOTE 7 – LONG-TERM DEBT State law permits the District, under the provisions of Chapter 71, Section 16, to authorize indebtedness not to exceed an amount approved by the Emergency Finance Board. Furthermore, written notice of the amount of debt authorized and general purpose of the debt must be given to the Select Board in each of the Town’s comprising the District.
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