ESCONDIDO -- A longer-than-expected construction timeline, rising construction costs, rain and the discovery of blue granite that had to be excavated has pushed the final cost of building an Escondido private school more than $4 million over budget, school officials said Friday.

The Escondido Adventist Academy's new, two-story, 71,000-square-foot school, being built off Deodar Road in north Escondido, was originally projected to cost about $9.35 million, Principal Kris Fuentes said. The price tag has climbed to about $14.5 million.

To make up the difference, the school and its parent organization -- the Southeastern California Conference of Seventh-day Adventist -- is preparing to issue about $14 million in tax-free bonds, she said. Under federal tax law, nonprofits, such as the church organization, can sell tax-free bonds for the purpose of building projects and refinancing debt.

As a result of the tax-free status, buyers accept a lower return on their loan and the organization benefits by paying a lower interest rate.

The Adventist conference, which sponsors 24 schools in five Southern California counties, will be issuing a total of $35 million in bonds through a financing agency in Colorado, said Charles McKinstry, general counsel for the Riverside-based conference.

Proceeds from the sale of the 35-year bonds will be used for the academy, a summer camp in Idyllwild and another school in San Bernadino County, he said. Each of the schools will be responsible for repaying the funds.

"We are not planning on making it a gift," McKinstry said, adding that the bonds could all be sold in two to three months.

In the meantime, Fuentes said church officials will continue to wrap up construction projects at the school, with the more than $9 million they collected from the sale of their former school site, at 1233 W. 9th Ave., to a Lexus dealership.

The new school, which will serve about 300 kindergarten through 12th-grade students from throughout North County and Riverside, is scheduled to open in April.

Once the school receives the proceeds from the sale of bonds, Fuentes said it will invest about $9 million and use the proceeds to make payment on the bonds over time.

She said they would also like to add some upgrades to the new campus, including a track to the football field and building an auto shop for students.

When the school opens, it will have a full-sized gym, auditorium, kitchen, three different playground areas for different grade levels, athletic fields and a number of technological advancements.

"The project has been great. … There have been some frustrating moments, but everyone has moved along," Fuentes said, adding that they are all ready "to move in."

Contact staff writer Shayna Chabner at (760) 740-5416 or schabner@nctimes.com.