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Crete-Monee School District 201-U has approved a plan to borrow $3.77 million to cover bills until the next infusion of tax revenue in May or June.
The district’s Board of Education approved the short-term loan at a special meeting Monday. The tax anticipation warrants issued by the district will generate $2.77 million for the education fund, $535,000 for the building fund and $465,000 for the transportation fund. The Harris Bank is underwriting the three warrants.
Monday’s meeting assured that the district would lock in a 4.5 percent interest rate, a district official said.