A bond is a request by a school district of voters to sell bonds to raise cash for capital expenses, usually substantial projects. Bonds are the only means through which districts can build schools.

State matching funds help supplement local bond and capital levy dollars to build, remodel, and renovate K–12 schools. For example, if a district needs to build new school buildings and remodel others, voters are asked to approve a construction bond. The bond, once approved by voters, may be supplemented by state matching dollars to help the district fund facilities needed.

Only after a district passes its bond or capital levy is it eligible to apply for a matching grant from the state. The Office of Superintendent of Public Instruction (OSPI) approves projects and administers the state matching funds to K–12 school districts based upon a mix of factors, such as the need for space, building conditions, project timelines, as well as local and state funds available.

Bond = Building, Levy = Learning