Because of a reporting error, a May 20 story in ThisWeek incorrectly stated that the Gahanna-Jefferson school district is borrowing $10-million from the Gahanna-Jefferson Education Foundation. The district is working with the GJEF to borrow up to $10-million for the Clark Hall project.

Because of a reporting error, a May 20 story in ThisWeek incorrectly stated that the Gahanna-Jefferson school district is borrowing $10-million from the Gahanna-Jefferson Education Foundation. The district is working with the GJEF to borrow up to $10-million for the Clark Hall project.

According to district treasurer Julio Valladares, G-J was interested in using a certificate of participation (COP), which the district can't sell to investors. The district had to partner with a nonprofit, such as the GJEF, on a lease agreement for the COP. The agreement allows the COP to be sold to investors, and the foundation assigns a trustee, in this case a bank, which accepts payments from the district for the COP. The bank then sends money to COP investors.

In December, when the board approved a measure to work with the GJEF on the project, Valladares said the district was not sure how much it would need to use in COP. Since then, G-J has borrowed $6.5-million through COP.