Reviewed: 6-22-05
The usual methods for financing new construction and remodeling in the South Sanpete School District will be through:
- The use of funds acquired through a cumulative levy;
- Funds acquired through annual budgeting under "capital outlay";
- Funds acquired through the sale of bonds;
- Emergency appropriations (continuing or critical State building aid); and/or
- Special grants received through application and/or proposals.
The Board of Education may submit at any regular election, or at a special election called for the purpose, to such of the qualified electors of the District, the question of contracting a bonded indebtedness for the purpose of erecting or furnishing school buildings or purchasing school sites. Before such a bond election, specific needs for facilities are made clear to the general public and careful estimates are made as to the amounts required for the sites, buildings, and equipment. If special elections are held, they shall be held in accordance with current county and Utah law.
Following approval by the voters, the bonds to be issued are advertised locally and nationally, the date of issue being coordinated when necessary with tax collection dates, payments on bonds already outstanding, and favorable market conditions.
Disposition of bonds shall then be accomplished by public sale on the basis of sealed bids. The Board reserves the right to reject any and all bids.