Owen-Withee School Board Approves Renewing District's Insurance
Saturday, September 17th, 2016 -- 6:28 AM
-The Owen-Withee School Board approved renewing the district’s insurance at their meeting on Monday.District Administrator Bob Houts presented to the board the renewal quotes from The Insurance Center for the district’s Property, Liability, Crime, Auto and Workers’ Compensation insurances. Overall the insurance was up about 2.5% over last year. The board unanimously approved the renewal of the insurance policies.
The board also approved Short Term Borrowing. Due to the delayed payments of state aids and property taxes, the district is forced to short term borrow each year to meet payrolls and pay bills. The Board unanimously approved a resolution stating: “I make a motion that the School District of Owen-Withee will borrow $500,000 from Forward Financial Bank on a closed-end line of credit at rate of 3.50%. All unpaid principal and interest will be due and payable by the maturity date of June 30, 2017.”
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