"What is the difference between a bond and a levy? I often hear people using these two words when describing Groveport Madison Schools' issue on the ballot."
That's an excellent question! The short answer is bonds are for "buildings," and levies are typically for "people." Groveport Madison Schools currently has a bond issue (#38) on this November's ballot. If it passes, the District can only use the money generated for buildings or construction. In this case, it's to build three new middle schools and an addition to the high school. We can't use the money for anything else.
The word "levy" is typically used, for example, when school districts propose operating levies. Districts use the money generated through levies for teacher and administrative salaries and other operations.