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BUILDING FUND

 

The Building Fund is used to account for the proceeds of bond sales, revenues from other sources and expenditures for capital outlay for land or existing buildings, improvements of grounds, construction of buildings, additions to buildings, remodeling of buildings; or initial, additional and replacement of equipment as authorized by the local board of education, as specified in the related bond issue.

 

Taxpayers passed a bond election in November 2002 for the purposes of:

• Repairing and replacing outdated facilities and equipment;

• Enlarging and equipping existing district buildings;

• Planning, designing and constructing two new schools;

• Repairing and replacing existing wiring, heating, ventilation, and air conditioning systems in nine schools;

• Equipping schools and other district buildings with computers, telephones, library processing systems, and other technology-related equipment and materials; and bringing district facilities into compliance with the Americans with Disabilities Act.

 

The district issued $150 million in various maturities in March 2003.  the remaining $75 million of general obligation bonds were issued in February 2006.