CAT Tracks for July 16, 2002 THE LOAN THING

HOW MUCH?

Have made the calculations concerning the IEA 0% loans to determine the "maximum" loan available for each individual applicant. This was done by taking what the District lists as "Net Pay (in the "Current" column) and then adding back things...like AFLAC, BCBS Family Health Insurance Premium, IEA Credit Union, IEA Union Dues, etc. Then...multiplied that number by 2.27 because that's how many checks we will miss...part of July 30th and both checks in August.

WHEN DO WE GET THE $$$?

If everything goes according to plan, you will get a "lump sum" check on July 30th...one check to cover the partial July 30th check and both August checks. Do NOT expect similar checks on August 15th and August 30th!

HOW DO WE GET IT?

Not totally clear on that...yet! May be mailed in bulk to the IEA office in Marion and then transported to Cairo for distribution. May have to make arrangements for mailing checks to those people unable to pick up checks. AGAIN...will let you know more about this later. We will try to make it convenient for you! For those of you who live outside of Cairo...you're used to getting your checks late anyway! (SMILE)

DO WE HAVE TO PAY IT BACK?

Yes.

WHEN AND HOW?

NORMALLY...You have one year to pay back the loan and it is done through payroll deduction. This would begin on September 15th, since that is the first paycheck of the new school year.

WARNING, WARNING, WARNING!

The ONE CHECK you receive on July 30th must pay your July 30th bills and ALSO your August 15th and August 30th bills! REMEMBER...It's a loooooong time till September 15th!

WHAT IF I NEED MORE $$$?

Hey...call on Barney Mundorf...dare I ask for another drum roll please...

...for legal services in May. And folks...it's not getting any better! Barney spent 3 days in the District last week...evidently getting ready for this week...a full week devoted to defending the Distict's violation of its nepotism policy by hiring the wife of the (then) sitting secretary of the Board of Education.

I don't know whether to close this passage with "Well, duh!" or a resounding "Cha-ching!"