School system to borrow millions for daily operations

The DeKalb County School District is borrowing $90 million to finance operations during the fall semester.

The full school board gave unanimous approval Monday to Superintendent Cheryl Atkinson's request to borrow the money until Dec. 28 at a 0.6 percent interest rate.

The school system has spent its reserves, and the borrowed funds will cover salaries and other costs until taxes are collected near year's end. The cost for financing and issuance is about $330,000, according to finance chief Michael Perrone.