DACC to consider money matters

Local News

Discussion

November 22, 2009

STAFF REPORT The Commercial-News Sun Nov 22, 2009, 09:46 PM CST

DANVILLE — Danville Area Community College trustees will vote Tuesday on issuing $1 million in bonds to enhance the college’s working cash fund.

The board also will vote on a tax levy to support the bond issuance.

The regular meeting begins at 7 p.m. in the DACC conference room, Vermilion Hall, Room 302.

The college normally has a balance of $3.4 million in its working cash fund, but the college has borrowed money from the fund and then repaid it repeatedly to make ends meet this year.

Using the college’s tax rate and estimated equalized assessed valuation, a homeowner with a home worth $60,000 would pay another $1.60 from the additional cent tacked onto his or her property tax bill because of the bonds.

The bond issuance is another measure the college will take this fiscal year to deal with delayed state funding payments.

The money from the sale of the bonds should be in college coffers by the end of December or first of January.

It will be repaid in five years.

The board held a public hearing on the issuance at the October meeting. No members of the public were present.

Also Tuesday, the board will consider purchasing LCD projectors and associated equipment, and consider a culinary arts certificate program.

Text Only

Local News

The very best gift
Lennell Dumas of Danville sorted through the stack of Valentine’s Day cards on his lap, a smile spreading across his face. “This is more than when I went to school,” he said jokingly.

February 14, 2012 1 Photo
Group restricts Jackson parking
Only one resident voiced concerns about prohibiting parking on Jackson Street, but aldermen said they’ve also received phone calls from other concerned residents and from parents who pick up children at Edison Elementary and North Ridge Middle schools.

February 14, 2012
County delays vote on farm
The decision to approve the permit for the second wind farm in Vermilion County was put on hold at Tuesday’s Vermilion County Board meeting.

February 14, 2012
Final report delayed on Vermilion Manor
No immediate decisions will be coming in regard to the future of Vermilion Manor Nursing Home.

February 14, 2012
Middle school students work to battle bullying
North Ridge Middle School seventh-grader Kevin Mallady promises that Thursday night’s performance of The Bully Project will be anything but “cheesy.”

February 14, 2012
Oakwood sets up TIF registry
Village trustees continued their drive Monday to create a second tax increment financing district.

February 14, 2012
Veedersburg considers another grant to improve downtown
Town council members heard Tuesday from Anita Carpenter about the Main Street revitalization grant to improve a section or block of infrastructure.

February 14, 2012
Justin Bieber makes dream come true for child with brain tumor
In August, Avalanna Routh "married" teen singing sensation Justin Bieber. This week, she finally got to meet her husband.

February 14, 2012 1 Photo
Viral video: Olympic swimmer wins gold, then proposes
How do you top the euphoria of winning a gold medal in a swim meet? Propose to your girlfriend, of course.

February 14, 2012 1 Photo
Class organizes fundraiser
February 14, 2012
More Local News Headlines

Local News

Search Results

Discussion

DACC to consider money matters

Site Map

Contact Us