How to Pay for Those School Reopenings?
There had been a placeholder in tonight's Board agenda for what they are calling "Acceleration of BTA III for New Student Assignment Plan". Basically, it should be titled, "How the Hell Do We Get This Done?"
Here are their ideas:
Seattle Public Schools has several options for financing the work required. These include:
Internal financing such as borrowing from the Capital Eligible Projects fund (CEP) and
Short-term public financing such as Revenue Anticipation Notes.
Internal Financing
Internal Financing offers the lowest total cost of borrowing. The District can borrow from CEP
reserves. The CEP fund balance as of January 31st, 2010 was $13.9M. Based on anticipated
property sales for this year, the CEP fund has the capacity to lend $8.5M to the BTA III program this year.
Revenue Anticipation Notes
Although the District has the ability to use Revenue Anticipation Notes to fund the $8.5M
needed to accelerate construction on the ...