FILE: DN
Cf: DJE
SCHOOL LOANS
The East Baton Rouge Parish School Board shall require that any school contemplating entering into a bank loan, installment obligations, lease agreements or any other financing agreement have approval of the Superintendent or designee before entering into any such obligation. Any school wishing to obtain permission for any indebtedness shall submit a Request for School Loan form in accordance with the following procedures:
Written requests to enter into debt obligations shall include
justification, amount, security required and terms of loan, installment
obligation, or lease agreement, and shall be addressed to the appropriate
executive director. Plans for repayment shall also be detailed.
The director shall review the request based upon information
presented and either disapprove or tentatively approve it. Final
approval will not be made before checking the school's financial status
and history with the Internal Auditor and mutually agreeing that repayment
plans and ability are feasible.
If the loan request is not approved, appeal may be made to the
Deputy Superintendent for Operations and Budget Management, whose
decision shall be final.
Copies of all approved requests along with completed copies of the debt instrument shall be maintained in the Internal Auditor's office. A summary of these approved requests shall be presented to the Operations Committee quarterly for their review and recommendation for ratification by the Board.
Ref: La. Rev. Stat. Ann. ยงยง17:87.6, 17:158.6, 33:2923, 33:2923.1, 33:4712.7, 39:1410.60
East Baton Rouge Parish School Board