Debt

The Board will ensure the Library maintains a prudent level of debt in order to maintain the financial stability and sustainability of the Library. The Board authorizes the Chief Executive Officer to incur a demand operating line to a maximum amount of 150% of the most recent month of salary and benefit expenses. The demand operating line will be utilized only to fund working capital. The Board shall approve the incurrence of any other debt by the Library.

Category Finance
Statutory Yes
Approval History 2015
Approval Janet Hutchinson

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