MARBLEHEAD – The town got some very good news Monday.In a special meeting the School Committee voted to approve a project funding agreement with the Massachusetts School Building Authority Funding Bureau, guaranteeing the town $5.8 million of the renovation cost for the Marblehead Village School.Approved by the 2008 Town Meeting as a $21.7 million project, the replacement of the school boilers and renovation of floors and ceilings will actually cost the town $11 million.That means the cost to the town will be $5.2 million.The Building Oversight Committee, headed by Michael Rockett, and Groom Construction, the general contractor, saved the town money wherever possible, according to the School Committee, and are completing everything the department wanted done."We applaud the Village School Building Oversight Committee for maximizing the town’s investment," said School Committee member Patricia Blackmer, noting that the general contractor’s bid was less than the town anticipated.Monday’s School Committee vote to approve the agreement was 3-0, with committee Chair Dick Nohelty and Eurim Chun joining Blackmer. Members Amy Drinker and Jonathan Lederman were absent.The members of the Village Building Oversight Committee include Rockett, Superintendent of Schools Paul Dulac, School Business Manager Jonathan Goldfield, Facilities Director Matty Richards, Village School Principal Michael Hanna, Village School teacher Connie Cooney, former School Committee member Rob Dana, School Committee member Amy Drinker, Town Administrator Tony Sasso and at-large members Joe Breen, Danielle Cherry, Chuck Adams, Danielle Bragg, Patrick Saitta and Joe Seely.