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Capital Projects Levy <br /> The District is in year 4 of a six-year capital projects levy, with a combined total levy of$3,000,000. All <br /> funds collected to date have been utilized. The remaining $1.1 million will be dedicated to additional <br /> modernizatio' and remodeling of buildings and grounds. <br /> State Match Funds <br /> State Match Funds come from the Common School Construction Fund. Bonds are sold on behalf of the <br /> fund, and then retired from revenues accruing predominantly from the sale of renewable resources (i.e., <br /> timber) from State school lands set aside by the Enabling Act of 1889. If these sources are insufficient to <br /> meet needs, the Legislature can appropriate funds or the State Board of Education can establish a <br /> moratorium on certain projects. School districts may qualify for State match funds for specific capital <br /> projects based on a prioritization system. The District is currently eligible for State Match funds for capital <br /> projects at the high school level. <br /> Land Sales <br /> The District's 10.8 acre Glenwood Avenue property is pending sale for $950,000. The 90-day feasibility <br /> period expires on May 28, 2000 at which time the buyer has the right to terminate the agreement. <br /> Impact Fees <br /> Impact fees are a means of supplementing traditional funding sources for construction of public facilities <br /> needed to accommodate new development. School impact fees are generally collected by the permitting <br /> agency at the time plats are approved or building permits are issued. A detailed discussion on impact fees <br /> is provided in Section 7. <br /> The Six-Year Financing Plan shown on Table 11 demonstrates how the District intends to fund new <br /> construction and improvements to school facilities for the years 2000-2005. The financing components <br /> include a capital projects levy, funds from bond, impact fees and State Match funds. <br /> The Financing Plan separates projects and portions of projects which add capacity from those which do <br /> not, since the latter are generally not appropriate for impact fee funding. Projects and portions of projects <br /> which remedy existing deficiencies are also not appropriate for impact fee funding. Thus, impact fees will <br /> not be used to finance projects or portions of projects which do not add capacity or which remedy existing <br /> deficiencies. <br /> - 18 - <br />