Lake was one of the original six school districts established in 1864–the others being Susanville, Richmond, Susan River, Janesville and Long Valley. It was so named, due to its close proximity to Honey Lake and the school house was located some four miles south of Janesville.
In 1877, the District constructed a two-story schoolhouse with the assistance of the Independent Order of Good Templars. The second story was used as a hall for that organization, as well as others.In 1898, the student population was 31.
Numerous changes were on the horizon, especially with automobiles and highways. The second story no longer used by fraternal organizations. In 1934 the second story was removed as part of a WPA project. Francis Wilbur, a local carpenter was hired to do the work at a cost of $1,740. According to former student, Erma Reuck McNett, she stated during the renovation process school was held at the nearby Bailey Ranch.
In 1953, a ballot referendum was held to consolidate the Janesville, Lake, and Missouri Bend schools. The Lake District voters opposed it. In 1971, the Lake School closed and annexed to Janesville. At the October 9, 1975, meeting of the Janesville School District Board declared the Lake School as surplus property, since the old school house would not meet current state building code standards for a school. The title to the property was a bit “cloudy”concerning a reversion clause. It was deemed that the property should revert back to the Bailey family. On October 17, 1975 it was deeded to George and Jane Bailey and the schoolhouse converted into a private residence.