The board shall attempt to add moneys to the Capital Projects Fund regularly in such amounts as are available and appropriate to the District's needs as projected by the facilities master plan. Moneys in that fund which are not immediately needed shall be invested in those securities permitted by law which shall provide maximum return to the fund while preserving security of the principal. In addition to those moneys, the board may consider non-voter approved debt within statutory limits and the board may seek authority from district electors to issue bonds or levy a special capital improvements property tax for school construction when specific projects are anticipated. The board will also seek matching funds from the Office of Superintendent of Public Instruction (OSPI) to the maximum extent available as well as any federal funds that may be available.
State School Construction Funds
Immediately after the board has approved the initiation of a construction project, the Superintendent or designee shall notify OSPI of the board's intent. All studies, notices, and other requirements established by OSPI as conditions for eligibility for state construction grants will be completed by the District superintendent or designee.
Non-Voter Approved Debt
If the board decides it is prudent, it may authorize the issuance of non-voter approved debt within statutory limits to purchase facility sites; improve energy efficiency of buildings; or acquire, remodel, or repair school facilities. Statute limits non-voter approved school district debt to three-eighths of one percent of the value of the taxable land within the district.
Voter Approved Bonds
If the board determines that there are insufficient moneys in the building fund for a construction project, and the board chooses not to authorize an election for a capital levy, and the District's limit on bonded indebtedness has not been reached, the board may authorize an election to seek the approval of voters to issue bonds in the amount needed for the project. The legal requirements for bond elections and subsequent issuance and redemption of bonds shall be met. The resolution adopted by the board calling for the bond election will specify the purposes of the bond, including the specific buildings to be constructed or remodeled and any other purposes authorized in RCW 28A.530.010. The board resolution will also describe the specific purposes the board anticipates for using any state financing assistance, if any. If circumstances alter the purposes for which the board believes it is in the best interest of the district to use the state funds or those raised through the bond, the board will conduct a public hearing to consider the circumstances and to receive public testimony. At a meeting subsequent to the public hearing, the board may either amend its original resolution or adopt a new one describing the specific purposes to which the state and/or bond funds will be put.
Upon the sale of bonds duly authorized as prescribed by law, the proceeds will be credited by the county treasurer to the appropriate fund of the district.
Notice of intent to apply for state school construction funds shall be submitted to OSPI prior to submitting a bond proposal to district voters.
Investment of building funds — Restrictions - RCW 28A.320.310
Duties of superintendent of public instruction - RCW 28A.525.020
Federal funds for school plant facilities — Rules - RCW 28A.525.080
Directors may borrow money, issue bonds - RCW 28A.530.010
Disposition of bond proceeds — Capital projects fund - RCW 28A.530.030
Additional authority to contract indebtedness — Notice - RCW 28A.530.080
Limitation of indebtedness prescribed - RCW 39.36.020
Bond Proceeds - WAC 392-123-180
Highline School District 401
Adopted by the Board: August 1984
Revised by the Board: 2.20 (formerly Policy 9220, 9221, and 9223)