By NEMS Daily Journal
TUPELO – The Lee County School Board on Tuesday approved a $600,000 note that the district will use to buy seven new school buses to replace older buses in its fleet. The note will be issued by BancorpSouth, which bid the lowest interest, 1.39 percent. It will be repaid next October.
The district regularly borrows money to buy new schools buses and then pays it off the following year. It pays for that from about 2.5 mils that are already built into its debt millage. It will not require the district or county to raise taxes.