FILE:  DEB

SHORT TERM NOTES

The East Baton Rouge Parish School Board, in accordance with state law, shall have the authority during any fiscal year, upon recommendation of the Superintendent, to borrow money in anticipation of current revenues for that fiscal year and to pledge the current revenues for said fiscal year for the payment of such loan or loans if funds on hand are not sufficient to meet current expenses.  The amount of borrowed funds shall not exceed one-half of the anticipated revenue and such loans shall be due and payable not later than the close of the current fiscal year.  All such loans shall be approved by the School Board prior to negotiation and execution of the loan.

Ref:    La. Rev. Stat. Ann. §§17:88, 17:89, 17:98, 33:2923, 33:2923.1, 39:1410.60, 39:1425

East Baton Rouge Parish School Board