The Board may conduct an election for the authority to issue bonded indebtedness. Revenues generated from an approved bond issue shall be used only for the purpose stated on the ballot. Revenues received from the issuing of bonded indebtedness shall be deposited into the physical plant and equipment fund.
Once the purpose on the ballot is completed, any balance remaining in a capital projects fund may be retained for future capital projects in accordance with the purpose stated on the ballot or any remaining balance may be transferred by Board resolution to the debt service fund or the physical plant and equipment levy fund. Use of excess funds in the account for another purpose requires the approval of the voters in the District community.
Reviewed: FY 2016-2017, December 19, 2016