Ordinance 2529-01 - Laserfiche WebLink

Planned Improvements 2006-2012 In addition to the capacity needs listed above, the District, between 2006 and 2012, would have to construct the equivalent of 30 additional elementary school classrooms, 23 additional middle school classrooms and 19 additional high school classrooms to house the student enrollment projected by the OFM-Ratio method for 2012. CAPITAL FACILITIES FINANCING PLAN Six Year Finance Plan The Six-Year Finance Plan shown on Table 8 demonstrates how the Everett School District intends to fund new construction and improvements to school facilities for the years 2000 through 2005. The financing components include secured funding from capital projects bonds and levies, secured funding from other sources (proceeds from property sales, school mitigation and impact fees and State Match funds remaining from prior construction projects) and unsecured future funding (bonds, school mitigation and impact fees). No future state match funding is anticipated for capacity producing projects. The financing plan separates projects and portions of projects which add capacity from those which do not, since the latter are generally not appropriate for impact fee funding. The financing plan and impact fee calculation formula also differentiate between projects or portions of projects which address existing deficiencies (ineligible for impact fees) and those which address future growth-related needs. Funding for the Plan General Obligation Bonds Bonds are typically used to fund construction of new schools and other capital improvement projects. A 60% voter approval is required to pass a bond. Bonds are then retired through collection of property taxes. The Everett School District passed a capital improvements bond for $96.5 million in 1990 and another for $68.5 million in 1996. Several major projects have been or will be financed by these bonds. At this time, no date has been set for a new bond issue. State Match Funds State match funds come from the common school construction fund. Bonds are sold on behalf of the fund then retired from revenues accruing predominantly from the sale of renewable resources (i.e., timber) from State school lands set aside by the Enabling Act of 1889. If these sources are insufficient to meet needs, the Legislature can appropriate funds or the State Board of Education can establish a moratorium on certain projects. School Districts may qualify for State matching funds for a specific capital project. To qualify, a project must first meet a state established criteria of need. This is determined by a formula that Everett School District Section 6 -3 Capital Facilities Plan