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