At their Monday meeting the Board of Trustees for Johnson County School District One awarded the bid to lease a school bus to Wells/Fargo Bank.
District Business Manager Mat Ramey explained that the state has the individual districts on a rotating bus replacement schedule and they re-imburse the districts for transportation-related expenses including new buses. The districts aren't allowed to purchase a bus outright, but to pay for it through a lease-to-purchase plan over a number of years.
Each year, those payments are reimbursed to the district by the state.
Ramey gives more details on the bid process.
The annual percentage rates were 2.27% for Wells/Fargo and 2.74% for First Interstate. Annual payments would have been $22,635 for Wells/Fargo and $22,996 for First Interstate.
Ramey recommended Wells/Fargo for the lease agreement, which was approved by the board.