By NEMS Daily Journal
TUPELO – The Lee County School District is in the process of refunding bonds it issued in 2002. The process, which would reduce the interest rate, is similar to refinancing a mortgage.
About $15 million remain on the bonds, which were sold to fund school construction. During Tuesday’s School Board meeting, bond attorney Steve Edds told the board that current interest rates offer a rare opportunity. The bond currently has a 4.5 percent interest rate, and Edds said the district may be able to get it as low as 2.5 percent, which could save a total of about $1.6 million over the next nine years. He said he hasn’t seen such a significant reduction in the past.The board voted to allow the refunding process to continue.