Category: Borrow Money
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The Oakland School board will vote on a request by district administrators to borrow up to $50 million from Alameda County at its Sept. 23 meeting to pay bills while it is waiting for state money to come in.

The school district ended its fiscal year in July with a $14 million surplus.

State education law allows districts to borrow money from counties while they are waiting for money to come in. In the case of Oakland, the district last borrowed $50 million in 2012 and $20 million in 2005, according to a spokesman for the Alameda County Treasurer.

The money must be paid back to the county by April 30, the spokesman said.

A spokesman for the California Department of Education said it is not uncommon for school districts to borrow money, because state payments from local property taxes are only made twice a year, and that is what usually causes a shortfall.