HFC Borrowing

I. Policy Title: Borrowing

II. Who does this policy affect?

Board of Trustees and College Community

III. Purpose

The purpose of this policy is to provide the borrowing of Funds for major College construction projects. It also allows for the College to borrow funds on a short-term basis with the backing of Tax Anticipation Notes based upon the College’s property tax collections.

IV. Policy Statement

Upon the initiative of the Board of Trustees and with the approval of the Municipal Finance Commission or State Department of Education, the President shall prepare the data and applications regarding the sale of Tax Anticipation Notes and/or Bond Issues.

Bids shall be solicited for all short-term loans which the Board has authorized. Funds shall be borrowed from the responsible organization offering the most favorable terms, as approved by the Board.

V. Definitions

N/A

VI. Responsible Party for Policy Interpretation/Review

Vice President of Finance

VII. Related Documents

N/A

VIII. Policy History:
a. Adopted by Board: February 20, 1995
b. Previous Policy Section: Finances; Previous Policy No. 2300

Reviewed/Updated

May 20, 2024 – Approved by Board of Trustees

This policy supersedes and replaces any and all past policies related to this subject.