7000 New Construction

7002 Facilities Funding

The Board of Education may submit to the registered qualified electors of the school district,at any regular school election or at a special election called for the purpose, the question ofcontracting a bonded indebtedness for any of the following purposes:

  1. Acquiring or purchasing buildings or grounds.

  2. Enlarging, improving, remodeling, repairing or making additions to any school building.
  3. Constructing or erecting school buildings.

  4. Equipping or furnishing any school building, but only in conjunction with a constructionproject for a new building or for an addition to an existing building or in conjunction with aproject for substantial remodeling, improvement, or repair of an existing building.

  5. Improving school grounds.

  6. Funding floating indebtedness.

Before such a bond election, the specific needs for facilities shall be made clear to thegeneral public, and careful estimates will be made as to the amounts required for the sites,buildings and equipment.

The bond and interest fund of the district comes directly and solely out of the levy of taxesinitiated by the successful bond election. In anticipation of interest and principal payments,the Board will adopt annual resolutions authorizing the withdrawal from the bond and interestfund of the amounts needed to meet the payments due and the deposit of such moneyswith the depository for honoring the bonds and interest coupons presented for payment.

The building fund is the fund authorized by the approval of the bond issue. The initial receipts from the sale of bonds are deposited in this fund, and actual expenditures forsites, buildings and equipment are made from it. The Board of Education will adopt anannual budget resolution authorizing the withdrawal from the fund of the amounts needed tomeet the payments due architects, contractors and other individuals or firms. The Board shall receive periodic reports on the expenditures made from this fund as compared withthe original appropriations for the various projects included.

Adopted 10/25/07

LEGAL REFS.: C.R.S. 22-30.5-401 et seq. (Charter School Capital Facilities Financing Act)

C.R.S.
22-41-110 (payment of bonds)

C.R.S.
22-41.5-101 et seq. (weakening of debt limitations)

Moffat County School District RE-1 Policy 7002

C.R.S. 22-42-101 et seq.(bonded indebtedness) C.R.S. 22-45-103 (1)(b) and (d) (bond redemption and special building and technology funds)

C.R.S. 29-14-101 et seq. (Bond Anticipation Note Act)

CROSS REF.: FDA, Bond Campaigns LBDA*, Facilities Planning and Funding for District Charter Schools

NOTE 1: The last citation above refers to that section of the law which allows a school district to issue bond anticipation notes as an interim debenture before the Board approves the sale and issuance of any bonds authorized by a bond election.

NOTE 2: In addition to the purpose of acquiring, maintaining or constructing schools, moneys in the special building fund can be used to purchase and install building security technology or instructional and informational technology, including expenditures for software and staff training related to the new technology. A vote by eligible elections approving a levy of up to 10 mills for up to three years is required.

Moffat County School District RE-1 Policy 7002