LOS ANGELES - Tuesday's $695 million bond election for Seattle School District No. 1 remained too close to call yesterday, with initial results indicating a narrow victory for the measure.

Results tabulated as of Wednesday afternoon showed Proposition I received 60.27% voter approval. Sixty percent is the necessary threshold.

But many absentee ballots must still be counted, and it is possible that a final tally will not be available until Monday, said Timothy McCourt, capital budget analyst for the school district.

If approved, the bonds would allow for financing of construction projects [Illegible Word] through the year 2000. The proposal, one of the nation's largest school bond authorizations, would finance the district's most ambitious capital improvement program ever.

The district expects to sell a bond issue of about $235 million in October if the election succeeds.

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