Laguna Beach

Schools Will Borrow Money:The Laguna Beach Unified School District Board will borrow $800,000 from a private lender to solve its cash-flow problems for the upcoming school year. It is a “short-term arrangement that fits a need,” said Clyde H. Lovelady, the district’s business manager. Lovelady said the money will be paid back after the district receives its county-secured funds in December. Because the district receives most of its $7.3-million budget in December and April, “by the time of that Dec. 1 payroll, your coffers are getting pretty low,” he said. The district has been borrowing on a short-term basis for the last 12 years, Lovelady said.