Has the state already approved this allocation?
Yes, with voter approval prior to April 1. Under 2010-11 building aid rules, 65 percent of the project cost will be paid back to the district during the next 15 years. However, voter approval after April 1 would subject the district to new building aid rules, which have not been established. At this time, we are projecting less building aid in the state's 2011-12 budget. For this reason, we are also projecting a lower building aid rate (less than 65 percent) for our project if it is authorized after April 1. The district’s financial advisors project a loss of at least $2 million of building aid for this project if we wait.