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District reviews funding options for facility needs, including proposed $3 million non-voter bond
Summary
Administrators presented a menu of funding strategies for facility projects'voter-approved bonds, sinking fund millage, non-voted limited tax bonds, lease-purchase agreements, grants, and a proposed $3 million non-voter bond intended to support renovations of a potential Early Learning Center.
At the Dec. 18 workshop, district staff reviewed possible funding mechanisms to address the board's prioritized facility needs. Options outlined included voter-approved bonds and sinking fund millage, non-voted alternatives such as limited tax bonds, public improvement funds, lease-purchase agreements and energy bonds, and potential state or federal grants; staff said a hybrid approach combining sources could also be used.
Staff also noted that non-voted bond interest rates were estimated at roughly 4.0% in early years and about 5.5% in later years. Administrators said they would bring funding strategies, including consideration of a proposed $3 million non-voter bond to support renovations, to the Jan. 12, 2026 meeting for board consideration. The possible sale of the East Olive building was listed as a related item that could offset project costs.
