Lexington District 1 will ask voters November 6 for $365 million.
The bond referendum will pay for two new elementary schools and renovations of existing buildings.
District 1 would borrow the money in general obligation bonds for a 5-year building plan. 
Owners of homes valued at $100,000 could anticipate an annual property tax increase of $56 year, a little over $1 a week.
Businesses valued at $100,000 would likely see an annual increase of about $84.
With a growing student body, the district needs more classrooms.
The money would also pay for upgrading safety and security systems, improvement projects, a new district transportation system, and information technology.
The board eliminated additional projects and shaved the budget $28 million from an originally proposed $393 million.
Bonds would be sold as required for construction projects and paid off by 2044. 
The maximum term will likely be 25 years. 
At least 500 new faces are expected in District 1 annually and 170 portables are filled.
The 5-year plan would add space for nearly 5,000 additional students.
Even if the referendum isn’t passed, the district will need more money for a growing student body.
More students require additional teachers, classroom space and support staff. 
Portables are an alternative, but district officials say they aren’t the best option.
District 1 said portables tend to wear out in about 20 years. The proposed schools should be good for at least 75 years. 
Officials say there isn’t enough room at some schools for more portables. 
They aren’t as safe in bad weather and they’re expensive. Their utilities cost more per square foot, District 1 claims. The cost of a single portable can be $90,000.