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1998 Program Summary
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During the 1997 Legislature, the District sought the enactment of laws providing more effective methods of supplementing bond funds for school construction. Assembly Bill 353 was approved in 1997 allowing changes for financing school construction. In November 1998, voters approved funding for a 10-year building program. The program promised to build 88 schools, renovate existing schools, acquire land for future school sites, and provide two bus yards. The 1998 building program is funded from a combination of three revenue sources. The revenues from these three sources were projected to enable the District to generate approximately $3.5 billion in bond proceeds over the 10-year program. The projections have recently been revised to reflect expected generated funding of $4.9 billion and is anticipated to build 101 new schools, 11 replacement schools, five phased replacement schools, and provide numerous renovations at existing schools. Winter Bond Modernization Report Assumptions used in designing the ’98 CIP Oversight Panel for School Facilties (AB353)
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