HED:Lee County schools may save $350,000

The Lee County School Board voted to explore refinancing a 1993 bond issue that could save the district about $350,000 in interest.

Board attorney Gary Carnathan was given permission to check into refinancing $8 million in school debt to take advantage of lower interest rates. The debt comes from what is left of a $12 million bond issue passed in 1993 to build Saltillo High School and do renovations on other buildings in the district.

"The interest rates are down," Carnathan said. "We're looking possibly at saving $350,000."

Board members gave Carnathan the go-ahead to look into the matter with two companies that specialize in bond refunding. The issue must come back before the board for a final vote on whether to proceed with the refinancing.

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