Bond would let Villa Grove add air-conditioning to elementary wing
VILLA GROVE — Students will get some cooling relief next summer thanks to a Qualified Zone Academy Bond that will be used to install air-conditioning units in the elementary wing of Villa Grove school.
The district received confirmation of a $150,000 bond award for school renovations and developing a community-based career development program. QZAB bonds are subsidized by the federal government by providing tax credits to bond holders, which is equal to the interest that would normally be paid to the holders of taxable bonds. To be eligible for the bond, schools must have at least 35 percent of students qualify for the free or reduced lunch programs; Villa Grove has 36.7 percent.
Superintendent Mary Ann Manos said a bond expert will be invited to speak with the board to address financing options for the 15-year bond.
The bond also includes money for a career development program, which involves connecting students with business mentors in the community. Twenty businesses in the Villa Grove area have committed $750 of in-kind assistance to support the program. This meets the 10 percent in-kind requirement for program eligibility.