Township of Franklin School District Agenda Regular Board Meeting 2026-05-18
Board Approves Bank Loan with Newfield National for Cash Flow
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Description
The Board approved borrowing up to $859,424 from Newfield National Bank to cover temporary cash flow needs caused by delayed state school aid. The loan will be repaid once state funds are received, no later than mid-July 2026.
Contract Details
Contract Amount
Not to exceed $859,424
Vendor
NEWFIELD NATIONAL BANK
Agency
Township of Franklin School District, NJ
Contract Type
FINANCIAL_SERVICES
Document Date
May 18, 2026
Contract Term
Until date of payment of delayed June state aid payments (no later than July 14 or 15, 2026)
Renewal Date
2026-07-15
Renewal Info
Temporary borrowing; repayment due when state aid is received; not an ongoing or renewable contract.
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Township of Franklin School District Agenda Regular Board Meeting 2026-05-18
Township of Franklin School District Agenda Regular Board Meeting 2026-05-18
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