(a) Not later than the date of adoption of the annual budget, the Board of Education shall, by a majority vote of all its members, adopt a capital program and capital budget for the District. The capital budget shall at all times conform to the capital program and shall show in detail the capital expenditures to be made or incurred in the next fiscal year that are to be financed from funds subject to control or appropriation by the Board.

(b) The capital program shall embrace all physical public improvements and any preliminary studies and surveys relative thereto, the acquisition of property of a permanent nature, and the purchase of equipment for any improvement when first erected or acquired that are to be financed in whole or in part from funds subject to control or appropriation by the Board. It shall show the capital expenditures which are planned for each of the six ensuing fiscal years. For each separate purpose, project, facility, or other property, there shall be shown the amount, if any, and the source of the money that has been spent, encumbered, or is intended to be spent or encumbered prior to the beginning of the ensuing fiscal year and also the amounts and the sources of the funds that are to be spent during each of the ensuing six years.

(c) The capital program shall not be adopted, nor shall it be amended, until the Board of Education has requested the recommendations thereon of the City Planning Commission. The Board shall not be bound by such recommendations and may act without them if they are not received within thirty (30) days from the date they were requested. Immediately upon adoption of the capital program, the Board shall forward a copy to the City Planning Commission for publication as part of the capital program document which the City Planning Commission publishes annually.

(d) The Board shall at least thirty (30) days prior to the time any capital program or amendment thereto is adopted, conduct at least one public hearing thereon. At least thirty (30) days' notice of such public hearing shall be published by advertisement at least once in two newspapers of general circulation printed in the City. The Board shall make available to the public a reasonable number of copies of such program, and the notice of public hearing shall state where copies may be obtained or inspected.