Fayette County's public school system is involved in the first Build America Bond issue in Kentucky, according to its financial adviser Hilliard Lyons.

The school system is issuing a $41.15 million series of bonds to finance renovations at Arlington, Cassidy and Russell Cave elementary schools and Bryan Station and Leestown middle schools.

The Build America Bonds program is part of the federal stimulus act and intends to encourage infrastructure investment nationwide. Issuers receive a 35 percent rebate from the U.S. Treasury.