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VI. CAPITAL FACILITIES FINANCING PLAN <br /> Planned Improvements <br /> Funding for the proposed elementary school will require the passage of a bond issue. The <br /> new elementary facility will likely be constructed at the site of the current Lake Stickney <br /> where ECEAP and the District's Curriculum and Professional Development Department <br /> currently reside. The plan also provides for the purchase of additional property for future <br /> schools. While the school sites will likely be in the North end of the District, no specific <br /> sites have been identified at the writing of this Plan. <br /> In the event that planned construction projects do not fully address space needs for student <br /> growth and a reduction in interim student housing, the Board could consider various courses of <br /> action,including,but not 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 <br /> approved bonds, state match funds and impact fees. Each of these funding sources is discussed <br /> in greater detail 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 <br /> projects. A 60% voter approval is required to approve the issuance of bonds. Bonds are then <br /> retired through collection of property taxes. <br /> Capital Projects Levy <br /> The District has passed a six-year capital projects levy that runs through 2016. Capital project <br /> levy dollars will be dedicated to additional modernization and major maintenance of buildings <br /> and grounds. <br /> State Match Funds <br /> State Match Funds come from the Common School Construction Fund. Bonds are sold on behalf <br /> of the fund, and then retired from revenues accruing predominantly from the sale of renewable <br /> resources (i.e., timber) from State school lands set aside by the Enabling Act of 1889. If these <br /> sources are insufficient to meet needs, the Legislature can appropriate funds or OSPI can <br /> establish a moratorium on certain projects. School districts may qualify for State match funds <br /> 15 <br />