The school announced it was undertaking the project in January after deciding its library intervention area is not feasible for pupils to continue sitting in.
So far children have helped clean the bus and its seats have been removed, but now the vehicle has been spray-painted.
Swallowdale drafted in Leicester graffiti artist Ricki Russel to decorate the bus as a woodland scene, with book characters selected by the children and teachers. Those featured in the design include The BFG, Horrid Henry, Where’s Wally, The Hungry Caterpillar and Matilda.
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Assistant head teacher Gail Edwards said: “The children have been incredibly excited seeing the bus come to life each day, guessing which character will be next to get onboard.
“The next stage for us is to have the carpet put in.”
The school is still looking for an upholsterer to cover the driver and back row seats.
The current plan is for an official opening in September once back to school.