Title:
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An Act concerning borrowing to finance Capital Projects for School Facilities in an amount not to exceed $82,297,000, and providing for the issuance of such bonds
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Title
An Act concerning borrowing to finance Capital Projects for School Facilities in an amount not to exceed $82,297,000, and providing for the issuance of such bonds
Background
This bill provides the authority to borrow an amount not to exceed $82,297,000 to finance school facilities improvements as approved in the FY2011-2016 Capital Improvement Program. The amount enabled will provide sufficient funding to complete a useable portion of each project as required by Section 823 of the County Charter. The borrowings authorized in this bill will occur over several years as programmed in the FY2011-2016 Capital Improvement Program. Pursuant to Section 323 of the County Charter, Board of Education capital projects are not referred to a referendum of the voters of the County.