School District approves $25 million loan for Vero Beach, other school

VERO BEACH — The Indian River County School District has approved issuing more than $25 million worth of construction bonds for two projects, including a new campus for Vero Beach Elementary.

Those funds will come from the federal government in a nearly interest-free loan.

“It is, basically, free money,” Chief Financial Officer Carter Morrison said of the almost interest-free loan. He estimates that the savings on interest would amount to about $20 million.

The funding comes after the School District applied for a $48 million loan in May. The federal government approved a maximum of $25.3 million.

The money will be used to construct a replacement campus for Vero Beach Elementary School, freeing up other funds for the construction of a portion of Osceola Magnet.

The loan did not garner much discussion from the School Board and was unanimously approved.

“These projects are very necessary,” said School Board member Debbie MacKay. “This is the right time.”

Both projects are in the School District’s 5-year capital outlay plan.

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