This report examines the history of California school construction financing and its past pitfalls, highlights the problems with pre-existing programs, and explores the history of bond initiatives during the past 5 decades. It begins by examining the State Allocation Board and its staff (the Office of Public School Construction) and reviewing the role of the Board which is responsible for establishing policies for the distribution of school facility financing funds. It also discusses how the Board has evolved during the past 5 decades from one that sets policy for various loan programs to one that today sets policy for grant programs. Other legislative or voter initiatives that have affected the Board's policies and procedures are examined, noting the Board's frequently changed policies that adversely affected school districts' attempts at securing funding. How districts were forced to employ sophisticated personnel or contract with savvy consultants in order to secure state financing for their construction projects is also highlighted. The paper provides details regarding new financing programs, comparing them to earlier ones, and examines how the Board is required to respond to district requests. It concludes with options the State may consider to improve funding administration. An appendix provides descriptions of school district financing mechanisms. (GR)