Littleton Public Schools Policy

Policy Code    FC Policy Name    Facilities Capitalization Program Adoption            July 2, 1984 Revised              August 6, 1991

The Board may submit to the registered qualified electors of the School District, at any regular school election or at a special election called for the purpose, the question of contracting a bonded indebtedness for any of the following purposes:

      Acquiring or purchasing buildings or grounds.

      Enlarging, improving, remodeling, repairing, or making additions to any school building.

      Constructing or erecting school buildings.

      Equipping or furnishing any school building, but only in conjunction with a construction project for a new building or for an addition to an existing building or in conjunction with a project for substantial remodeling, improvement, or repair of an existing building.

      Improving school grounds.

Before a bond election, the needs for facilities and improvements as well as cost estimates will be communicated to the general public.

Following approval by the voters, the bonds will be sold on terms and conditions as outlined by the bond resolution, the date of issue being coordinated with tax collection dates, payments on bonds already outstanding, and favorable market conditions. The method of sale of the bonds will be determined by the Board to the best advantage of the District.

The bond redemption fund of the District comes directly and solely out of the levy of taxes initiated by the successful bond election. In anticipation of interest and principal payments, the Board will adopt annual resolutions authorizing the withdrawal from the bond redemption fund of the amounts needed to meet the payments due and the deposit of such moneys with the depository for honoring the bonds and interest coupons presented for payment.

The building fund is the fund authorized by the approval of the bond issue. The initial receipts from the sale of bonds are deposited in this fund, and actual expenditures for sites, buildings, and equipment are made from it. The Board will adopt an annual budget resolution authorizing the withdrawal from the fund of the amounts needed to meet the payments due architects, contractors, and other individuals or firms. The Board will receive periodic reports on the expenditures made from this fund as compared with the original appropriations for the various projects included.

Legal Reference:  C.R.S. 22-41-109
                           C.R.S. 22-42-101 et seq.
                           C.R.S. 22-45-103(1)(b)
                           C.R.S. 29-14-101 et seq.