Batavia schools to take out short-term loan

The Batavia school district will issue up to $5 million in tax-anticipation warrants this spring to make sure it has enough cash on hand to pay bills.

The warrants are short-term loans, intended to cover the district while it waits for the first installment of the 2017 property tax levy to be paid. The school board approved the measure last week.

"The gist of it is, about this time of year we run out of money," said Anton Inglese, the district's chief financial officer.

The interest rate on the warrants won't be known until the district actually puts them out for bid, likely in mid-April.

It will be the fourth year in a row the district has taken the short-term loans. The loans are repaid from the first taxes. The last three years, those installments arrived between May 17 and 27.