Proposal S would allow Detroit Public Schools to borrow $500.5 million for the construction and renovation of school facilities. If the proposal passes, DPS plans to use the bond proceeds to build eight new schools and modernize or renovate 10 schools. The analysis of Proposal S explains how the proposed bond issuance is structured to take advantage of the American Recovery and Reinvestment Tax Act of 2009. It looks at the finances of the school district, the amount of existing debt, and the unsettled governance issues that loom in the background.