Lamar County School District Saves $1.9 Million - WHLT 22 Connecting the Pine Belt

Lamar County School District Saves $1.9 Million

Posted: Updated:
PURVIS, MS -

Lamar County School District saves nearly two million dollars by refinancing its bond debt.

 

In December, the district refinanced almost ten million of its debt at a two-point-sixteen interest rate to save about one million dollars.

 

This month, Chief Financial Officer Jennifer Hession, says the district took measures to save an additional sum. She says the district refinanced 20.9 million dollars and will save $800,000 in interest.

 

The district is still paying on the 43 million dollar bond issue passed in 2005.

 

"The bond issue gave each campus and each community some needed new buildings." Superintendent Ben Burnett says for the next 13 years the district will be paying back the bond debt to Lamar County. They still owe 30 million dollars.

 

"It's just like refinancing your house, you have to wait for when the interest rate drops enough to make it beneficial."

 

The district refinanced two sections of the bond bringing the initial interest rate from four percent to 2.16 percent and 1.98 percent

 

"The whole savings is $1.89 million... it's divided up to about $150 thousand a year so it's a pretty substantial savings.

 

It's a saving that will continue throughout the next 13 years.  Burnett says Lamar County is the second fastest growing school district in the state. The savings will go towards renovating and creating room for the extra 300 students the district gained this school year

  • Most Popular StoriesMost Popular StoriesMore>>

  • A 'Saintsational' Mom

    A 'Saintsational' Mom

    Monday, July 28 2014 11:32 AM EDT2014-07-28 15:32:03 GMT
    Kriste Lewis, New Orleans SaintsationKriste Lewis, New Orleans Saintsation
    HATTIESBURG, Miss. - It's been said that once you learn to quit...it becomes becomes a habit, and for Hattiesburg's Kriste Lewis quitting was never an option. "You know it was on my bucket list and I turned 40 this year, so I decided I wanted to tryout," saidKriste Lewis.Back in April of this year in a crowd of almost 300 women trying out for the New Orleans Saintsations was Kriste Lewis a 40-year-old wife and mother of two. And despite a career as a dance fitness instructor, and a deep passi...
    HATTIESBURG, Miss. - It's been said that once you learn to quit...it becomes becomes a habit, and for Hattiesburg's Kriste Lewis quitting was never an option. "You know it was on my bucket list and I turned 40 this year, so I decided I wanted to tryout," saidKriste Lewis.Back in April of this year in a crowd of almost 300 women trying out for the New Orleans Saintsations was Kriste Lewis a 40-year-old wife and mother of two. And despite a career as a dance fitness instructor, and a deep passi...
  • NC Legislative leaders say they have budget framework

    NC Legislative leaders say they have budget framework

    Sunday, July 27 2014 6:57 PM EDT2014-07-27 22:57:22 GMT
    File PhotoFile Photo
    Republican legislative leaders said they have reached an agreement on the outline of a state budget.
    Republican legislative leaders said they have reached an agreement on the outline of a state budget.
  • Explosion at Plant in Moss Point; 1 Dead, 3 Injured

    Explosion at Plant in Moss Point; 1 Dead, 3 Injured

    Monday, July 28 2014 1:46 PM EDT2014-07-28 17:46:25 GMT
    Photo Courtesy of WKRGPhoto Courtesy of WKRG
    MOSS POINT, Miss. - One person is dead and another three are injured after an explosion happened at a Moss Point plant Monday.
    MOSS POINT, Miss. - One person is dead and another three are injured after an explosion happened at a Moss Point plant Monday.
Powered by WorldNow

5912 Hwy. 49, Ste. A
Hattiesburg, MS 39401

Telephone: 601.545.2077
Fax: 601.545.3589
Email: newsroom@whlt.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.