5/21/13 - The Brighton Area Schools will be borrowing $2 million in a short-term loan to be able to meet payroll and other obligations before state school aid starts coming in next fall. The Board of Education Monday night approved the loan through Comerica Bank at an interest rate of 0.625, or slightly over six-tenths of a percent. Superintendent Greg Gray tells WHMI that normally the district would go through the state to borrow the money, but that was not possible this time around. Gray told the board that loans are normally negotiated at an interest rate of over two per cent, explaining that the tiny interest rate is due to the short-term nature of the loan, which he says will be paid off by this fall. Assistant Superintendent of Finance Maria Gistinger says the loan will cost the district about $12,000 in interest. (TT)
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