The Shawnee Mission School received a bid of 1.008 percent for bonds it sold this week. The board approved the sale of $20 million in bonds that will be applied to the initial costs of a new Shawanoe Elementary school and the design costs for a potential new administration center.
The bonds are funded through the district’s capital outlay tax rate and are not part of the $223 million bond proposal that will go before voters on a mail ballot in January 2015. Early this year, the board approved selling up to $85 million in bonds to use on capital projects.
The existing capital outlay tax rate, at that time, was predicted to raise $116 million over the next five years. The district also had its AAA bond rating reaffirmed during the sale. The district’s bond counsel said the (interest rate) bid was among “the lowest bids (I) have seen in this industry.”
Construction of a new administrative center has not yet been approved, but design work is in process. The center would be built on the site of the now-closed Antioch Middle School and combine several administrative service functions in one building.