Laurel looking into refinancing bonds and saving money

Laurel looking into refinancing bonds and saving money

LAUREL, Miss. (WDAM) - The City of Laurel is looking into refinancing a few bonds, which could potentially save them thousands of dollars.

Council members adopted a resolution that allows consultants to look into refinancing General Obligation bonds Series 2015 and Series 2016.

“We’ve got some bonds that’s like four percent, four-and-a-half percent,” Magee said. “The last one we got a couple months ago was like 1.29, so we can save a lot of money if we can refinance those. One of them is 10 million, one is 4 million, so it’s a good bit that we could refinance hopefully, which means the money we would pay back would be less, so right now, just from the initial looking, they’re talking about maybe half a million dollars in savings in just interest.”

If the bonds are refinanced, Mayor Johnny Magee says the interest rates will be lower.

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