STAFF REPORT
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.
