LITTLE ROCK, Ark. (KTHV) - Little Rock School District leaders are praising a new financing plan to build a southwest high school. This plan comes just a month after voters struck down a measure extending the district's millage.

The district approved a bond sale late last week, but it would still need approval from the State Board of Education before it can raise the money.

If approved, the plan would provide around $90 million, which the district would pay back over the next 16 years. The millage extension denied by voters in May would have raised even more money. After the extension's failure to pass, district leaders felt compelled to use what they call "Plan B."

"The facility needs are still there," said Kelsey Bailey with the Little Rock School District, "so we want to make sure that we're doing the best for our students, to give them the greatest opportunities to achieve."

The district compared this type of bond sale to getting a second mortgage to remodel your home.

Leaders claim they can pay for it by using money saved over the last few years and with surpluses from other bonds.