§ 100030 School District Bond Projects

This law says that out of the money raised by selling bonds, only up to $40 million can go to school projects, and only if the schools pay at least 60% of the project’s cost themselves.

Key Takeaways

•Only projects where the school pays at least 60% of the cost can get bond money.
•The state can spend no more than $40 million total on these projects.
•Each project's eligible amount is the part the school does NOT pay (the remaining 40% or less).

Example

A school district wants to build a new science lab that will cost $5 million.

If the district promises to pay $3 million (which is 60% of $5 million) or more, the state can use bond money to cover the rest, but the total amount the state spends on all such projects can’t go over $40 million.

How to Calculate

Eligible Bond Funding = min( $40,000,000 , Σ (Project Cost × (1 – District Contribution %)) ) where District Contribution % ≥ 60%

Find the total cost of the school project.
Check the percentage the district will pay. It must be 60% or higher.
If the district meets the 60% rule, calculate the amount the state can fund: Project Cost × (1 – District Contribution %).
Add up the state‑funded amounts for all qualified projects. The sum cannot be more than $40 million.

A district plans a $5 million gym. The district agrees to pay $3.5 million.

Result: State can fund $5,000,000 × 0.30 = $1,500,000. If many projects are added up, the total state funding must stay ≤ $40,000,000.

This law says that out of the money raised by selling bonds, only up to $40 million can go to school projects, and only if the schools pay at least 60% of the project’s cost themselves.

Key Takeaways

•Only projects where the school pays at least 60% of the cost can get bond money.
•The state can spend no more than $40 million total on these projects.
•Each project's eligible amount is the part the school does NOT pay (the remaining 40% or less).

Example

A school district wants to build a new science lab that will cost $5 million.

How to Calculate

Eligible Bond Funding = min( $40,000,000 , Σ (Project Cost × (1 – District Contribution %)) ) where District Contribution % ≥ 60%

Find the total cost of the school project.
Check the percentage the district will pay. It must be 60% or higher.
If the district meets the 60% rule, calculate the amount the state can fund: Project Cost × (1 – District Contribution %).
Add up the state‑funded amounts for all qualified projects. The sum cannot be more than $40 million.

A district plans a $5 million gym. The district agrees to pay $3.5 million.

Result: State can fund $5,000,000 × 0.30 = $1,500,000. If many projects are added up, the total state funding must stay ≤ $40,000,000.

Key Takeaways

Example

How to Calculate

Key Terms

References

§ 100030 School District Bond Projects

Key Takeaways

Example

How to Calculate

Key Terms

References

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References

Key Takeaways

Example

How to Calculate

Key Terms

Related Statutes

References