Excelsior Springs School District officials are racing against the clock to spend more than $1 million in construction funds before a looming federal deadline forces them to forfeit the money and pay a hefty financial penalty.The funds, generated as interest from the district’s $35 million lease-purchase agreement used to construct Lewis Elementary, must be spent by May 25 or returned with an arbitrage fee. Superintendent Dr. Jaret Tomlinson said the district is working urgently to ensure that every dollar benefits local facilities rather than being lost to penalties.“If we do not spend it all, then we have to pay what’s called arbitrage, which is around the $377,000 fee, of which we get nothing in return,” explained Tomlinson. “I want to do everything humanly possible to make sure we don’t pay a $377,000 bill and get nothing for it.”The lease-purchase provided the district with the entire $35 million up front, which was invested d...