The Minooka Community High School District 111 Board of Education is embarking on a new five-year lease for school buses.
The decision made at Wednesday’s school board meeting comes on the heels of learning that Kansas State Bank, the financial institution backing the transaction, would not be able to honor the quote it submitted with the Midwest Bus Sales bid.
The district asked Kansas State Bank to come up with a resolution that honors the bid as submitted, but they presented school officials with an alternative that would cost more at a rate of 2.98% with an annual payment of $151,078.30 over five years, according to school board documents. The district ultimately agreed to a financing offer with American Capital at a rate of 2.92% with an annual payment of $149,688.14 over five years.
Moving forward, school officials intend to require that all leasing vendors sign bid documents to ensure the rate provided is locked in through the purchase date.
Also at the meeting, school officials took steps to formally accept donations from the District 111 Foundation of Education Excellence in the amount of $5,025.95.
A majority of funds will be used to pay for Ipads in the math department, while the remainder is allotted toward calculators in the special education department and the certified strength and conditioning specialist membership/exam.