Bond-funded capital investments are the primary method that school districts use to finance large-scale improvements to physical assets, such as classroom modernization, building renovations and repairs, and school construction. Local governments invest about $45 billion in public school facilities annually. Despite the size of these investments, even basic questions such as what the funds are spent on remain unanswered, as do other significant questions such as what effect, if any, these expenditures have on student outcomes. We exploit quasi-experimental variation in capital spending associated with bond passage in close elections to identify the causal effect of capital investments on school resources (i.e., athletic, science labs, etc.) within and across districts. We show that school districts with successful and unsuccessful bond measures in close elections are remarkably similar in initial spending levels and other characteristics but are different in capital investments following the elections, suggesting that close elections generate spending variation that mimics randomization. To shed light on how funds raised through school bonds are deployed, we will examine the effect of bond passage on the number of public school facilities (e.g., school buildings) in the immediate years after a close election as well as on measures of the physical condition of public school facilities. Using student-level data linked to bond election outcomes, in future work, we will also examine whether such capital investments close resource gaps between schools, which could in turn reduce test score gaps (e.g., socioeconomic status and race/ethnicity).