Upgrades coming to Newport Elementary this summer
The District 833 School Board approved the sale of $4.4 million in bonds May 20 for installation of a new heating and air conditioning system at Newport Elementary School this summer.
Because of the federal stimulus bill, the bonds will be sold at 5 percent interest to investors, but the federal government will pay the interest on the bonds, which mature in 2026, according to Ehlers and Associates, district bond consultants.
Another $20 million in bonds will be sold for heating and air conditioning renovation at Royal Oaks and Woodbury elementary schools this summer and other district projects. The federal government is paying that interest as well.
Savings to the district is more than $10 million over the life of the bonds, according to Ehlers and Associates.
- Judy Spooner