HED:School board sets refinancing meeting

The Tupelo School Board will conduct a special noon meeting Monday at the district's central office to discuss refinancing almost $6.2 million of school debt.

Scott Dutt, director of finance, said the board could save $180,000 by refinancing a couple of lease-purchase agreements to take advantage of lower interest rates. State statutes allow school districts to refinance debt if it can save 2 percent of the notes' present net value.

Dutt said the district refinanced a $17 million bond issue used to build the high school in 1994. In doing so, it saved $875,000.

Dutt said the $6.2 million being considered was used to either build or renovate seven buildings in the district. The board gave preliminary approval at its meeting Tuesday, but will vote for final approval on Monday.

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