Board Policy 4008.1 sets rules for managing short-term debt (repayable within one year) and long-term debt recorded in the Enterprise Fund. It mandates that all loan agreements approved by the Board must be in writing and detail key terms, including purpose, interest rate, and repayment schedules. Additionally, prior to entering into long-term financial obligations, the Board must receive a comprehensive summary detailing the necessity of the debt, collection details, and full debtor statements.
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