<P> Einstein Montessori, a private school in Brevard County, was previously a charter school . Explorer Elementary and Middle Charter, Osprey Elementary, and Sawgrass Middle were closed by the School Board . </P> <P> The last time the public approved a school building bond was in 1963 . To circumvent the need for public approval for borrowing, both the county and the school district have used certificates of participation . In 2005, the board decided to build seven new schools to accommodate the 800 to 1,300 new students moving into the area annually, and renovate each of the districts schools . This would also help meet the requirement that was imposed when Florida voters approved a constitutional amendment limiting class size, starting in 2010, but phased in before then by the Florida legislature . </P> <P> The school district borrowed a total of $643 million, mostly between 2004 and 2008 . Annual payments on the debt in 2012 were $38.4 million . At the same time the housing bubble burst . Property values, on which school taxes were based, dropped from $41 billion in 2008 to $27 billion in 2011 . </P> <P> At the same time, the cost of construction materials rose . Estimates to renovate Titusville High School, for example, went from $22 million to $43 million . </P>

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