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VI. CAPITAL FACILITIES FINANCING PLAN <br /> Planned Improvements <br /> At the time of preparation of this Plan, the District is awaiting approval of a $48 million bond that will be <br /> placed before the voters on May 16, 2000. If approved, the bond will fund the following capacity-related <br /> projects5: <br /> • Mariner High School Addition ($17.6 million) consisting of a 28 to 30 classroom addition <br /> which should add capacity for over 600 students; and <br /> • A new elementary school ($13.1 million) at the Gibson Road site with capacity for <br /> approximately 650 students. <br /> In the event that planned construction projects do not fully address space needs for student growth and a <br /> reduction in interim student housing, the Board could consider various courses of action, including, but not <br /> limited to: <br /> • alternative scheduling options; <br /> • changes in the instructional model; <br /> • grade configuration change; <br /> • purchasing portable classrooms; <br /> • increased class sizes; or <br /> • modified school calendar. <br /> Funding for planned improvements is typically secured from a number of sources including voter approved <br /> bonds, State match funds and impact fees. Each of these funding sources is discussed in greater detail <br /> below. <br /> Financing for Planned Improvements <br /> General Obligation Bonds <br /> Bonds are typically used to fund construction of new schools and other capital improvement projects. A <br /> 60% voter approval is required to approve the issuance of bonds. Bonds are then retired through <br /> collection of property taxes. The District currently has a $48 million bond package that will be going to <br /> voters on May 16, 2000. If approved, the bonds will provide funding for the construction of new facilities <br /> and will be used to update classroom technology, renovate athletic fields, improve existing facilities, and <br /> enhance district-wide security and safety. If the general obligation bonds are not approved by the voters <br /> on May 16, 2000, the District will develop a contingency plan to meet the most critical needs, within the <br /> scope of expenditure restrictions. <br /> 5 This list includes only those projects that would increase student capacity. Non-capacity projects,such as security and <br /> athletic field improvements are not included here but can be found in Table 11. <br /> - 17 - <br />