The Superintendent of Schools recommends that the Board of Education authorize Tax Anticipation Notes so that funds will be available for the new fiscal year, which starts July 1, 2010. Following a discussion, School Board President McHeffey called for a resolution:
RECOMMENDED ACTION: that upon the recommendation of the Superintendent of Schools; be it RESOLVED, by the Board of Education of Center Moriches Union Free School District, in the County of Suffolk, New York, as follows:
WHEREAS, the Center Moriches Union Free School District (the “School District”), a school district of the State of New York, located in the County of Suffolk, desires to issue tax anticipation notes in anticipation of the collection of real estate taxes to be levied in the School District for its 2010-2011 fiscal year. WHEREAS, $18,938,262 of such real estate taxes levied in the School District’s 2010-2011 fiscal year have been collected as of the date hereof, leaving approximately $18,938,262 of such real estate taxes uncollected in such fiscal year; and WHEREAS, no tax anticipation notes have been authorized or issued in anticipation of the collection of such real estate taxes in such fiscal year. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF EDUCATION OF THE CENTER MORICHES UNION FREE SCHOOL DISTRICT, COUNTY OF SUFFOLK, STATE OF NEW YORK, AS FOLLOWS:
