This case, inspired by a real school district scenario, was developed for use in a graduate-level course in school finance. James Spencer had just been selected as the new superintendent of a low-income, 400-student, rural school district in need of many capital improvements. The previous superintendent had refused to hold a bond election because of persistent criticism and negative feelings resulting from the previous bond election 8 years earlier. Mr. Spencer was left to analyze the district's needs, resources, political climate, state laws, and the latest research to answer this vexing question: to bond or not to bond?