CHICAGO - The Indianapolis Public Schools will likely decide next week whether to proceed with a long-delayed $278 million bond issue that would mark the first school-related financing that would require voter approval under a new Indiana law.

The debt would finance the third phase of the district's roughly $900 million, 10-year capital improvement plan launched in 2001. IPS has already issued roughly $450 million in bonds for the program. Plans last year to issue another $475 million were cancelled amid a growing taxpayer revolt over rising property taxes that eventually sparked a state-wide overhaul of the property tax system.

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