Williamsville Central School District

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FISCAL Accounting & Reporting

Adoption Date: 7/7/2009
5000 - Non-Instructional/Business Operations

5580 FINANCING FACILITIES DEVELOPMENT

The Board of Education, subject to approval by the voters, may issue bond anticipation notes or bonds to provide for the expense of new construction projects or extensive renovations on existing buildings. Funds may be appropriated in the general fund for transfer to the capital fund.

 A capital reserve fund may, with the approval of the voters, be established to fund specific capital construction or renovation projects.

Selling Bonds

The sale of bonds for capital projects shall be accomplished through competitive bids. Every effort shall be made to secure an interest rate which is the lowest possible rate available to the District. The term of each bond issue shall be determined by the Board in consideration of interest rates and financial conditions at the time of the bond sale, as well as applicable state law. Services of a bond attorney or financial consultant whenever such services are deemed to be in the best interest of the District.

Payment of Bonds

The payment of bonds shall be based upon a fixed schedule determined at the time of sale.

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