ATLANTA -- An ambitious t2-year capital improvements program for Orange County, Fla.'s public schools will probably require about $500 million of general obligation debt, a key school system official said yesterday.

Carey E. Ferrell, associate superintendent for business services, said that bond funding sought to help pay for the capital program could conceivably total nearly $1 billion. The amount, he said, is the gap between the full cost of the school system's expected capital needs for its 1994 through 2006 school years -- estimated now at more than $2.6 billion -- and the projected $1.7 billion in state and local revenue available to the system during that period.

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