In addition to routine items on the agenda, such as hearing a treasurer’s report and overseeing personnel changes, board members had a full schedule yesterday evening.
A significant action item on the agenda was consideration of a resolution to refinance school bonds. The goal was to take advantage of more favorable interest rates and save money for the district.
“For several years IRS officials have expressed concern that state and local governments do not have adequate written procedure to ensure that ongoing federal tax requirements are met after the closing of a bond issue,” the bond attorneys advised in a written report. “If bond proceeds are not invested or if financed facilities are not used in a manner permitted by tax law, interest on the bonds is not tax-exempt, and the investor could incur a significant federal income tax liability.”
The Board of Education meeting took place at the Hilltop Education Center; 16740 W. 175th St.; Olathe, KS 66062.
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