At their regular meeting Monday night, the Johnson County School District Board of Trustees voted to allow bonds taken out in 2004 and 2005 to be retired. The $8.5 million bonds were for the new Kaycee School and Buffalo High School built within the last six years.
Mary Keating Scott, with George K. Baum and Co., explained to the board why the bonds are being retired.
School Superintendent Dr. Rod Kessler told the board the district originally started with 4.5 mill levys and reduced those as the county's valuation increased over the last few years.
Valuation increased from $100 million in 2001 to well over $1 billion last year, resulting in the the district being able to collect enough money to pay them off in under six years, instead of 20 years, as originally thought.
The bonds, according to Scott, are not callable until 2014, meaning the bond holders will get paid through that year.
The agreement approved by the board will allow George K. Baum and Co. to take over the bonds and distribute payments to the bondholders until 2014 when they will be called in.