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The board will attempt to add moneys to the capital projects fund regularly in such amounts as are available and appropriate to the district鈥檚 needs as projected by the facilities master plan. Moneys in the capital projects fund that are not immediately needed will be invested in those securities permitted by law which will provide maximum return to the fund. In addition to those moneys, the board may consider non-voter approved debt, voter approved debt (bonds) or special capital improvement levies to meet the district鈥檚 needs. The board will seek authority from district voters prior to issuing bonds or levying a special capital improvements property tax levy. The board will also seek matching funds from the Superintendent of Public Instruction to the maximum extent available as well as any federal funds that may be available.

A. State Construction Assistance Program (SCAP) Funds
Immediately after the initiation of a construction project, the superintendent/designee will notify the Superintendent of Public Instruction of the district鈥檚 intent to seek SCAP funding. All studies, notices and other requirements established by the Superintendent of Public Instruction as conditions for eligibility for state construction grants will be completed by the superintendent/designee.

B. 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.

C. Bonds
If the board determines that there are insufficient moneys in the capital projects fund for a construction project or projects, the board chooses not to authorize an election for a capital levy, and the district鈥檚 limit on bond 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 or projects.

The legal requirements for bond elections and subsequent issuance and redemption of bonds will 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 state construction funds, if any. If the 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 used.

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.