This study was designed to explore fiscal interrelationships that underlay capital outlay funding, including the differences between rural and non-rural school districts. The study additionally focused on the relationships between various capital outlay funding components (capital outlay expenditures per pupil, net assessed valuation per pupil, bond issue passage rates, pupil socioeconomic status, and rurality) and student achievement. The analysis determined the extent to which these specific factors affected spending by including two levels of rurality as defined by the U.S. Census Bureau along with SES, current expenditures, local wealth, and local support as variables. Rural and non-rural were found to be significantly different in net assessed valuation and capital outlay expenditure but not bond passage rate. Socioeconomic status was significantly related to and a predictor of capital outlay expenditures. Capital outlay expenditure, net assessed valuation, nor rurality was significantly related to student achievement. The study identified how these capital outlay funding mechanisms in Oklahoma are related to one another and the effect they have as a group and individually on the ability of local educational leaders to address facility needs. (Contains 5 tables and 21 footnotes.)