Lamar Co. School District looking to refinance bonds, hopeful to - WDAM-TV 7-News, Weather, Sports-Hattiesburg, MS

Lamar Co. School District looking to refinance bonds, hopeful to save nearly $1 million

Photo credit: WDAM Photo credit: WDAM
LAMAR COUNTY, MS (WDAM) -

The Lamar County School District is hoping to save nearly a million dollars with a refinancing project.

“We’re in the midst of trying to refinance some bonds, and the window for this opportunity could potentially close beginning January 1 with the new tax changes that come about,” said Lamar County School District Superintendent Tess Smith.

Smith said anyway the district can save money will prove to be helpful.

“It’s essentially like refinancing a house, so these are some limited tax notes from 2013 from our 3 mil note, and the goal is of course to refinance them,” Smith said.

Smith added, that with that, can come the rating, which Lamar County held an A rating the previous year.

“We’re in the midst of getting our rating for that, and in order to improve our rating, we had to recommit some funds towards this bond,” Smith said. “The rating would be kind of like your interest rate, but it’s our rating as a business, as an entity, and you know we hope to get an A or A pus.”

The total on that savings is estimated to be roughly $900,000, according to Smith.

“We hope, we could potentially save, right about $900,000 over the life of the loan, if we’re able to do this refinancing,” Smith said. “The funds that we had from all the building efforts that we completed this past December.”

The life of that loan will stretch over a 20-year span, according to Smith.

Those bonds include projects around the district, and Smith said there is still work to be done.

“At this point, any money that we can save, that’s not, what you would call your operation budget, we are trying to put towards future projects, because that is our only avenue at this point for future building, which we know we’re going to have those needs, even if its renovation of old buildings,” Smith said.

Copyright WDAM 2017. All rights reserved. 

  • Local NewsLOCALMore>>

  • Two arrested on drug charges in Perry County

    Two arrested on drug charges in Perry County

    Friday, July 20 2018 8:49 PM EDT2018-07-21 00:49:33 GMT
    Clarence Steele was charged with sale of a controlled substance on a federal level. (Photo source: Perry County Sheriff's Office)Clarence Steele was charged with sale of a controlled substance on a federal level. (Photo source: Perry County Sheriff's Office)
    Clarence Steele was charged with sale of a controlled substance on a federal level. (Photo source: Perry County Sheriff's Office)Clarence Steele was charged with sale of a controlled substance on a federal level. (Photo source: Perry County Sheriff's Office)
    The Perry County Sheriff's Office and the DEA arrested to men on drug charges Wednesday.  Clarence Steele and Chalmers Sumrall were arrested.  Steele was charged with sale of a controlled substance on a federal level and was later denied bond, according to a PCSO Facebook post. Sumrall was charged with two counts of sale of a controlled substance and had his bond set at $80,000. Copyright WDAM 2018. All rights reserved. More >>
    The Perry County Sheriff's Office and the DEA arrested to men on drug charges Wednesday.  Clarence Steele and Chalmers Sumrall were arrested.  Steele was charged with sale of a controlled substance on a federal level and was later denied bond, according to a PCSO Facebook post. Sumrall was charged with two counts of sale of a controlled substance and had his bond set at $80,000. Copyright WDAM 2018. All rights reserved. More >>
  • Sumrall man charged with attempted murder after Ellisville shooting

    Sumrall man charged with attempted murder after Ellisville shooting

    Friday, July 20 2018 8:39 PM EDT2018-07-21 00:39:44 GMT
    Kelvin Preston, 19, turned himself in and was charged with attempted murder. (Photo source: Jones County Jail)Kelvin Preston, 19, turned himself in and was charged with attempted murder. (Photo source: Jones County Jail)

    Ellisville police arrested a Sumrall man after a drive-by shooting that injured a man on Wednesday night.  Kelvin Preston, 19, turned himself in and was charged with attempted murder, according to the Ellisville Police Department.  Police responded to the shooting near Dubose Park and found that 19-year-old Jaquan Smith, of Ellisville, was shot in the hip, according to police.  Smith was transported to South Central Regional Medical Center, where he underwent surgery...

    More >>

    Ellisville police arrested a Sumrall man after a drive-by shooting that injured a man on Wednesday night.  Kelvin Preston, 19, turned himself in and was charged with attempted murder, according to the Ellisville Police Department.  Police responded to the shooting near Dubose Park and found that 19-year-old Jaquan Smith, of Ellisville, was shot in the hip, according to police.  Smith was transported to South Central Regional Medical Center, where he underwent surgery...

    More >>
  • Ellisville man charged with sexual battery

    Ellisville man charged with sexual battery

    Friday, July 20 2018 8:27 PM EDT2018-07-21 00:27:52 GMT
    Douglas Lovett was charged with sexual battery. (Photo source: JCSD)Douglas Lovett was charged with sexual battery. (Photo source: JCSD)

    The Jones County Sheriff's Department charged an Ellisville man accused of sexual battery. The department was conducting an investigation involving neglect when one of the children reported being touched inappropriately by 36-year-old Douglas Lovett, according to a Jones County Sheriff's Department news release.  The victim revealed the details of the inappropriate behavior during a forensic interview.  Lovett was arrested on Thursday and charged with sexual bat...

    More >>

    The Jones County Sheriff's Department charged an Ellisville man accused of sexual battery. The department was conducting an investigation involving neglect when one of the children reported being touched inappropriately by 36-year-old Douglas Lovett, according to a Jones County Sheriff's Department news release.  The victim revealed the details of the inappropriate behavior during a forensic interview.  Lovett was arrested on Thursday and charged with sexual bat...

    More >>
Powered by Frankly