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

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