Based upon the completed Feasibility Study and the steps outlined in Module 4 – Schematic Design, the District and MSBA staff establish and document the project scope, budget, schedule, and MSBA financial participation to forward to the MSBA Board of Directors for their approval. Approval by the MSBA Board of Directors establishes the MSBA participation in the proposed project. Module 5 – Funding the Project provides guidance on MSBA vote language and outlines the steps necessary to be completed by the District to enter into a Project Scope and Budget Agreement and a Project Funding Agreement with the MSBA. The District should utilize the Module 5 – Funding the Project Completion Checklist to ensure that it has completed all steps.
Upon Board approval of a proposed project, the District and the MSBA may enter into a Project Scope and Budget Agreement that defines the project scope, budget, schedule, and potential MSBA participation in the project. Once the District secures community authorization and financial support, the MSBA and the District enter into a Project Funding Agreement, which also defines the scope, budget and schedule for the project. Once a Project Funding Agreement is executed, the District can begin submitting requests for reimbursement to the MSBA for project costs beyond the feasibility study.
Please refer to this letter from the Division of Local Services regarding project cash flows: