Nick, this bond has nothing to do with the NEA. This is a physical plant bond to repair the facilities themselves. 

Typical physical plant budgeting for maintenance, renovation & construction is typically 3% of structure value. ASD is funded at just over 1% of physical plant value. This causes a significant portion of repairs (Approx. $160 million) to be deferred until such time as money is available. 

Think of your own home...3 things go bad at the same time, your budget allows you to fix one. The other 2 are deferred until you have the money. Those 2 now cost more, because they have resulted in ancillary damage. (Leaking roof has now damaged a light fixture and wall paint).