Expecting loss in revenue, CHS taking out loan for bills

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With property tax payments delayed this year due to COVID-19 pandemic, Crawfordsville Community School Corp. is borrowing money in anticipation of lower revenues.

During a special meeting Friday at the administrative office, the school board voted to authorize the issuing of a temporary loan tax anticipation warrant from the state. The revenue is needed for debt service payments and other regular expenses, Superintendent Dr. Scott Bowling said.

“Those payments are not delayed, so this is basically a temporary loan that we have to take out to make sure that we can meet those obligations,” Bowling said after the meeting.

As part of the state’s response to the pandemic, Gov. Eric Holcomb ordered all Indiana counties to waive penalties on late property tax payments until July 10. Tax bills were due May 11.

The district is authorized to take up to $8.3 million, but Bowling added the district wouldn’t borrow that amount, with ultimate property tax revenues determining the size of the loan.

“In a normal property tax year, we wouldn’t even be doing this. We wouldn’t need to do,” Bowling said.

In other business, the district announced tentative plans for an in-person high school graduation ceremony. The ceremony is planned for Aug. 1 at the high school football field.

Seniors were recording a virtual ceremony Friday that will be released May 29, the original graduation date.

The board also accepted the retirement of transportation director Kevin Fischer and recommended Betsy Hamm, currently the administrative secretary, as his replacement.

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