Oak Bluffs will be the first town to weigh in on proposed changes to the high school’s regional agreement next week when a six-article town meeting convenes Nov. 1 at 7 p.m. in the high school’s performing arts center.

Also on the warrant are two articles related to affordable housing for veterans, the creation of a capital stabilization fund and $300,000 for an assessment of all town buildings.

An updated regional agreement for the high school is necessary for the Island to remain eligible for funding by the Massachusetts School Building Authority. Topping the list of proposed changes is a new funding formula for the renovations planned for the high school. Under the new formula, which was developed by a committee of more than a dozen officials from all six Island towns, Oak Bluffs would be responsible for 22.89 per cent of the cost to renovate the high school.

“Which is lower than what they would have paid under the existing formula,” school business administrator Mark Friedman told the Gazette in a phone call this week. Under the existing formula, Oak Bluffs is assessed 28.33 per cent in capital expenses for the school renovation.

The regional agreement was last updated in 1994 and changes also include a slate of language updates, such as changing Gay Head to Aquinnah.

“It’s an important set of amendments to bring the document up to current standards,” said Mr. Friedman.

Leading off town meeting Tuesday, voters will be asked to approve two articles related to veterans housing. The first would declare 50 Belleview avenue, a 3.4-acre property, as available for development for the purpose of constructing between 10 and 12 affordable housing units for veterans. The article stipulates that additional units may be added for general or workforce affordable housing. A second article would allow the Oak Bluffs municipal housing trust to solicit proposals from developers for the project.

“They already have a draft [request for proposal],” town administrator Deborah Potter told the Gazette this week, adding that the housing trust is eager to get the project moving.

The project arose after a previous plan to build approximately 50 affordable housing units for veterans at 519 County Road shifted. Voters at a special town meeting last November approved preliminary work for the County Road project, but title issues for the property led the town to move in a different direction.

While the current veterans housing plan is smaller in scale, Ms. Potter said the units originally planned for County Road may be recouped through the Southern Tier or other affordable housing projects.

“It doesn’t mean they won’t be included in a future project at some point,” Ms. Potter said.

In an effort to better organize town funds, voters will also be asked Tuesday to approve the creation of a capital stabilization fund for the town. The fund, appropriated from free cash, would allow the town to pay for large-scale construction, repairs or improvements to town buildings estimated to cost more than $25,000.

“It just gives you a lot of opportunity to manage your long-term financial needs,” Ms. Potter said.

The article requires a two-thirds vote to pass.

Another article at special town meeting will ask voters to allow the town to spend $300,000 to conduct a comprehensive assessment of the condition of all town buildings, and use the majority of those funds to make immediate repairs such as fixing ventilation issues at the fire department and repairing the police building.

“We’ll be able to look at that [assessment] and figure out what we need over the next 20 to 30 years,” Ms. Potter said.

The article requires a two-thirds vote to pass.

In the final article on the warrant, voters will be asked to spend $35,000 for routine harbor maintenance.

Ms. Potter encouraged residents to attend the special town meeting, noting that each of the articles affects all members of the town.

“We would just like to see many of our voters out,” Ms. Potter said.