The loan will increase property taxes over the next three years. The public has until June seven to oppose the resolution, before the board proceeds.
District chief financial officer Suzanne Smith said the board hopes to receive the money in August and make repairs during the summer for the next three years.
School board attorney John Compton said the money will be used to repair the roof of Oakland Heights Elementary School and drainage problems at West End Elementary School.
Complete major plumbing work will be done to Oakland Heights, Poplar Springs Elementary, Marion Park, Magnolia Middle, Parkview Elementary, West Hills Elementary and Meridian High schools.