No IOUs for the teachers
Blackduck school teachers and employees will get paid, but the district will have to borrow to meet payrolls. A cash shortfall will happen because state payments due the district have been delayed again, and now the district will rely on borrowing. The result, board members were reminded Monday, is that the district will be paying interest on money it shouldn't have to borrow.
But it will be meeting payroll without resorting to handing out IOUs.
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