4530 – Facility Finance Program


The usual methods for financing new construction and remodeling in the Grand Island Public Schools will be through (a) The use of pay-as-you-go funds accrued through a building levy not to exceed .0014 of the assessed valuation (b) Funds acquired through the sale of bonds, or (c) Establishment of a lease-purchase agreement.

The Grand Island Public Schools Board of Education may submit at any regular school election or at any special election called for the purpose to the qualified electors of the school district the question of contracting a bond indebtedness for the purpose of erecting or furnishing school buildings or purchasing school sites. Before such a bond election, specific needs for the facilities are to be made clear to the general public and careful cost estimates are made in the amounts required for the sites, buildings, and equipment.

In the case the lease-purchase method is used to finance the purchase of buildings or equipment, such lease or lease-purchase agreements shall be in accordance with state statutes. All payments pursuant to such leases shall be made from current building funds or general funds.

 

Legal Reference:           Neb. Rev. Stat. 79-10,105; 10-702

 

Policy Adopted 2-7-77

Policy Revised 12-11-89

Policy Revised  4-11-02

Policy Revised:  07.13.2015