DANVILLE — The Danville Community School Corporation recently learned that it would receive part of $67,126,271 in financing through the Indiana Bond Bank.
State Treasurer Richard Mourdock, chairman of the Indiana Bond Bank, announced that 28 school corporations would receive financing through the Qualified School Construction Bond (QSCB) Program with an interest rate of 1.52 percent to 1.77 percent for the life of the bonds.
“I am extremely pleased that the Indiana Bond Bank has provided financial assistance to these local school corporations,” Mourdock said in a press release. “The range on the interest rates of 1.52 percent to 1.77 percent is exceptional.”
The QSCB program was authorized by the 2009 American Recovery and Reinvestment Act and allowed the Indiana Bond Bank to issue tax credit bonds for Indiana school corporations or their respective building corporations. The money can be used to upgrade school facilities to include cooling systems, roof replacements, and environmental upgrades.
Danville will receive $1.763 million from the total amount and was the only school corporation in Hendricks County to receive funding.
Denny Leathers, business manager for Danville schools, said the money will enable the school to upgrade buildings and technology.
“We’re going to take care of a lot of technology projects that probably wouldn’t be in the budget right now,” he said. “The property tax levy was cut drastically in ‘09. This is going to enable us to do things such as put in modern classroom technology in the high school and elementaries, similar to what’s in the new middle school.”
Leathers said the school would also add security cameras and card readers at the entrances to schools that don’t already have the technology, and add wireless infrastructure in the Danville North and South elementary schools.
“It will enable us to add some energy savings add-on boilers that are more efficient in a couple of buildings,” he said. “This really comes at a good time for us.”
The money comes just a few weeks after Gov. Mitch Daniels announced a budget shortfall for the state and that the K-12 school budget would be cut by $300 million.
“It says 3 percent, but for us it’s 4.56, so it’s a little worse,” Leathers said. “It’s up to us to get a plan together. I’m working closely with the superintendent and the board. It’s not going to be a pleasant experience, we don’t have a lot of fat in the budget already.”
charlee.beasor@flyergroup.com
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Danville receives financing
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