Policy No. 6910
The board shall attempt to add moneys to the capital
projects fund regularly in such amounts as are available and appropriate to
the district's needs as projected by the facilities master plan. Moneys in
that fund which are not immediately needed shall be invested in those
securities permitted by law which shall provide maximum return to the fund.
In addition to those moneys, the board may consider non-voter approved debt
within statutory limits and the board shall seek authority from district
electors to issue bonds or levy a special capital improvements property tax
assessment for school construction when specific projects are anticipated.
The board shall also seek matching funds from the state board of education to
the maximum extent available as well as any federal funds that may be
State School Construction Funds
Immediately after the board has approved the initiation
of a construction project, the superintendent shall notify the state board of
education of the board's intent. All studies, notices and other requirements
established by the state board of education as conditions for eligibility for
state construction grants shall be completed by the superintendent.
The advice of the state superintendent of public
instruction shall be solicited in order to assure the district's eligibility
for state financial assistance.
Non-Voter Approved Debt
If the board decides it is prudent, it may authorize the
issuance of non-voter approved debt within statutory limits to purchase facility
sites; improve energy efficiency of buildings; or acquire, remodel or repair
school facilities. Statute limits
non-voter approved school district debt to three-eighths of one percent of
the value of the taxable land within the district.
If the board determines that there are insufficient
moneys in the building fund for a construction project, the board chooses not
to authorize an election for a capital levy, and the district's limit on
bonded indebtedness has not been reached, the board shall authorize an
election to seek the approval of voters to issue bonds in the amount needed
for the project.
The legal requirements for bond elections and subsequent
issuance and redemption of bonds shall be met. The resolution adopted by the board calling
for the bond election shall specify the purposes of the bond including the
specific buildings to be constructed or remodeled and any other purposes
authorized in RCW 28A.530.010. The
board resolution shall also describe the specific purposes the board
anticipates for using any state financing assistance, if any. If circumstances alter the purposes for
which the board believes it is in the best interest of the district to use
the state funds or those raised through the bond, the board shall conduct a
public hearing to consider the circumstances and to receive public testimony.
At a meeting subsequent to the public
hearing the board may either amend its original resolution or adopt a new one
describing the specific purposes to which the state and/or bond funds will be
Upon the sale of bonds duly authorized as prescribed by law,
the proceeds shall be credited by the county treasurer to the appropriate
fund of the district.
Notice of intent to apply for state school construction
funds shall be submitted to the state board of education prior to submitting
a bond proposal to district voters.
Legal References: RCW 28A.320.310 Investment
of building funds — Restrictions
RCW 28A.525.020 Duties
of state board of education
RCW 28A.525.080 Federal
grants — Rules and regulations
RCW 28A.530 District
Bonds for Land, Buildings and Equipment
RCW 28A.530.030 Disposition
of bond proceeds — Capital projects fund
RCW 28A.530.080 Additional
authority to contract indebtedness
RCW 39.36.020 Limitation
of indebtedness prescribed
WAC 392-123-180 Bond
Adopted: July 28,
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