The authors, after discussing the St. Louis school system and its financial history, survey both traditional and innovative construction finance alternatives that have been used across the country. These alternatives, which fall into two categories, include: (1) conventional financing through tax incomes including State and Federal aid, and (2) leasing of air rights and/or school facilities and various shared-occupancy solutions where monies are generated in connection with the actual construction of school buildings. The authors use a computer program to summarize the potential transactions between two groups: (1) a school board, the city, the State, and the Federal Government; and (2) public corporations, private developers, and money sources. Broad plans selected from computer results include: (1) creating special school construction districts; (2) deeding school property to a public corporation and then leasing it back after it is improved; (3) acquiring urban renewal land, part of which to be used for school functions and part of which to be leased; and (4) lease-purchase. Relevant procedural and legal information is included in the discussion of each plan. The authors conclude that lease-purchasing plans, while currently subject to many legal and statutory restrictions, suggest the most promising solutions to St. Louis' educational facilities needs. (Author/JF)