Measure to Raise Funds for New School OKd

Capistrano Unified School District trustees have approved a financing measure that will bring the district closer to building a high school in the Chiquita Canyon area.

The board approved an agreement to raise $10 million to $15 million through a financial arrangement involving “certificates of participation,” in which investors are entitled to a portion of the district’s annual lease payments.

The district will raise 50% of the money it needs for the school through the certificates and its own construction funds. State funds are expected to pay for the rest of the school, which will cost $45 million to $50 million.

“We are at capacity at most of our schools and experiencing overcrowding as well,” said David Doomey, assistant superintendent of facilities planning. “This will help alleviate the overcrowding we would anticipate experiencing at the turn of the century.”