Atlanta Public Schools will borrow $60 million to cover an expected cash flow gap caused by Fulton County’s delay in sending out tax bills.
Interest on the short-term loan will cost school district taxpayers $148,080.
Earlier this summer, Fulton County discovered an error in the way the county calculated property tax exemptions. Fixing the error has taken weeks, and means that tax bills will not be sent before mid-September, and payment would not be due until November, at the earliest.
The total amount is less than the board had previously considered. Last month, the board had voted to authorize borrowing up to $175 million to cover payroll and other costs