Is a district required to seek quotes from several banks before it submits the interest costs as stated in a bank proposal letter?
A – No. Formal bidding and quotations are not required under the Public School Contracts Law for this borrowing; however, the department recommends districts seek quotes from more than one institution for interest and other borrowing costs. (See Q5 for repayment of loan when interest is not approved.
Related Questions
- Is a district required to seek quotes from several banks before it submits the interest costs as stated in a bank proposal letter?
- Can a district still request approval for a loan without a proposal from the bank of choice stating the total interest costs?
- How can consumers fight back against unreasonable bank fees?
