A bid to finance the purchase of a school bus - which would be the first the district has bought since 2004 - was approved Monday night by the Suttons Bay Board of Education.

The board voted unanimously to accept a proposal from Fifth Third Bank to finance the purchase of the bus. A price of $71,720 was locked in by the board in May.

Five institutions responded to the district’s call for financing proposals. Northwestern Bank came in with the highest proposal at 5 percent interest, and Fifth Third submitted the lowest at 4.24 percent for both 36- and 48-month terms.

“We’d like to act on the 4-year note, but pay as if we’re on the 36-month loan,” Superintendent Mike Murray said. “This will allow us a little more flexibility if we get into a bind somewhere else.”

The total cost of purchasing the bus (including interest) will be $78,101 if paid off in four years; $76,505 in three years.

Two buses will not meet state inspections for the upcoming school year. Murray has consolidated one bus route, necessitating the purchase of only one replacement.

In other business during its 90-minute meeting Monday, the board:

• Agreed to cast its collective ballot for East Jordan resident Mary Jason to fill the Region II, 3-year term on the Michigan Association of School Boards (MASB) board of directors. Board members asked that additional emphasis be given to financial equity among all state schools.

• Designated board President Sue Corbin as the Suttons Bay delegate to the MASB delegate assembly to be held Nov. 1 at the Amway Grand Plaza in Grand Rapids. Trustee Roger Merriman is the alternate.