WAKE COUNTY, N.C. (WNCN) – Wake County taxpayers could vote this fall on a $530,700,000 school bond referendum that would fund construction and renovation projects.

School board members voted Tuesday night to ask county commissioners to place the bond issue on the ballot. It would fund a plan to build schools to account for the growth in Wake County and to make major renovations to existing schools.

Funds would go toward building four new schools and several construction projects, including major renovations at eight schools as well as more needs and improvements.

Dr. Jim Martin with the Wake County School Board said while that may sound like a lot of money, it’s the most fiscally responsible way to finance the projects, which he said are badly needed.

“It is cheaper for us to build on that bond than it would be cash, and by the way, if we use the debt model newcomers who come into the county will help pay for these needs. If we do it all by cash it’s everybody who is here now,” said Martin.

An additional $133 million for the construction projects will come from other sources.

A spokesperson for the school district says the next step is for county commissioners to review the proposal from the school district, and said that it’s not yet clear exactly how much taxes would increase if voters approve the bond.

For a detailed look at the plan, click here.