FILE:  DN

Cf:  DEB

SCHOOL LOANS

The Monroe City 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:

1. 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 Superintendent or his/her designee.  Plans for repayment shall also be detailed.
    

2. The Superintendent or designee shall review the request based upon information presented and either disapprove or tentatively approve it.  Final approval shall be dependent on the school's financial status and history regarding repayment plans.
    

3. Copies of all approved requests along with completed copies of the debt instrument shall be maintained in the Board's business office.

Ref:    La. Rev. Stat. Ann. §§17:158.6, 33:2923, 33:4712.7, 39:1410.60

Monroe City School Board