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FC - Capital Construction Program

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Code: FC
Adopted: 10/21/10
Revised/Readopted: 4/18/17
Orig. Code(s): FC

The Board may submit to voters on any election date specified in Oregon Revised Statutes the question of contracting a bonded indebtedness to build or renovate buildings or other facilities or to purchase school sites. Before such a bond election, the specific needs for facilities will be communicated to the public. Careful estimates will be made as to amounts required for site purchase, construction, and equipment.

All new construction or alterations to existing facilities will ensure that buildings are readily accessible and usable by individuals with disabilities.

Voter approved bonds to be issued will be advertised according to law. The date of issue will be coordinated with tax collection dates, payments on bonds already outstanding and favorable market conditions. Disposition of the bonds will be accomplished by public sale on a competitive bid or negotiated basis, as determined by the Board. The Board reserves the right to reject any and all bids.

The Board will annually appropriate NWRESD funds in the bonded debt service fund for the purpose of
paying interest and principal on outstanding bonds. If sufficient funds are not available in the debt service fund, the Board will authorize by resolution an interfund loan for the purpose of meeting debt service requirements.

The capital projects fund is the fund authorized by the approval of the bond issue. Initial receipts from the sale of bonds are deposited in this fund and actual expenditures are made from it. The Board will adopt an annual budget appropriation authorizing payments from the fund of the amounts needed to meet contractual obligations due architects, contractors and other individuals or firms. The Board will receive periodic reports on expenditures made from this fund as compared with original appropriations for various projects.

 END OF POLICY

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