School board approves bond sale
By JOSIE BARTEL
Contributing writer
USD 410 board of education approved a bond purchase agreement Sept. 10 between the district and Piper Jaffray & Co. of Leawood, and an escrow trust agreement between the district and Security Bank of Kansas City.
The district will receive a principal amount of $4,605,000 from general obligation bonds and $610,000 from taxable general obligation refunding bonds.
The $610,000 comes from refunding a bond from 2004. This bond was restructured to provide a gradual increase in the mill levy tax over the next five years opposed to a jump from 3.165 to 8.00 percent.
The money will be used to fund the facility improvement projects.
Upon approval of the sale, the board then decided the best way to invest the proceeds.
Two local banks along with the Kansas Municipal Investment Pool provided their options. The board then decided to invest the proceeds in the Kansas Municipal Investment Pool. Their yield was nearly $20,000 more than that of the next closest competitor, Emprise Bank.
Along with looking at investment options, the board adopted Hillsboro State Bank to manage the district's operational fund account, which is essentially the district checking account, for the next three years.
In other business, the board
— Approved the TEEN interlocal agreement.
— Agreed to approve a supplemental contract for Nathan Hiebert, who has been acting as the fall weight room supervisor since the eighth day of the 2007-08 school year.
— Accepted contract adjustments for Lynn Just, Charlene Driggers, and Vickie Huxman.
— Approved the effective date of the 403(b) Annuity Plan from Oct. 1, 2007 to Jan. 1, 2008.
— Agreed to pay bills totaling $242,714.93 and financial reports.
The next regular school board meeting is at 7 p.m. Oct. 8.
