Vernon schools to refinance bonds, save $450,000

LEESVILLE, La. (AP) - Vernon Parish taxpayers will save $450,000 on bond debts.

Board members adopted two resolutions during their regular meeting last week to allow the district to refinance general obligation bonds.

Bond attorney Alan Offner says the district will now owe Sabine State Bank at a lesser interest rate. The first measure will allow the district to sell the $3 million in remaining debt from 30-year bonds to refurbish schools in the Anacoco area.

Offner says the interest rate will go from 4 percent to 3.67 percent and will save taxpayers $321,000.

The American Press reports (https://bit.ly/1eOXZNb ) the board approved the sale of another sizeable sum — $1.3 million to Sabine State Bank, lowering its interest rate from 4.5 percent to 3.89 percent and saving $132,000.

___

Information from: American Press, https://www.americanpress.com