After investing $52,000,000 in new and improved school buildings with bond issues in both 2000 and 2004, the Garfield Heights City School District had one final project to undertake. Energy improvements were deemed necessary at various sites throughout the district. Administrators determined the best alternative for financing these projects would be through special financing statues commonly known as House Bill 264. Under HB 264 districts are permitted to enter into lease type financing structures for improvements provided that the energy savings provided by the improvements exceeds the cost of the improvements, including financing costs. Due to the relatively small size of the borrowing ($2,050,000) and the unique nature of the HB 264 regulations, the district decided to p

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