A Community Disaster Loan from FEMA will help offset taxes in several of the sending towns to the Central Regional School District, according to one school official.
Business Administrator Kevin O'Shea said the district plans to use $1.9 million of a $5 million loan next year to offset tax increases for Berkeley, Ocean Gate, Seaside Heights and Seaside Park.
The district will have a decade to repay the loan, if it does not end up becoming a grant, O'Shea said. He added that in some cases, loans of these types are waived.
Should that become the case, however, O'Shea said, the district has a plan to repay the loan, as certain loans the district now carries should be paid off in 2015, so those funds would then just be shifted to this loan, he said.
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