PICAYUNE, Miss. (AP) - The city of Picayune is refinancing three general obligation bond issues, which will save about $50,000 a year in interest payments.
City Clerk Amber Hinton tells The Picayune Item (https://bit.ly/1mEDRlX) the savings will amount to $580,000 over the remaining life of the bonds.
All the bonds were issued for public improvements.
Hinton says the bonds had interest rates of 3.5 percent to 4 percent.
The city will refinance all three bonds an interest rate of 2 percent.
The last of the three bonds is set to mature in 2024.
Hinton says the city is not extending any term on any of the bonds.
Hinton says the city will not face any penalties for refinancing the bonds.
___
Information from: Picayune Item, https://www.picayuneitem.com
Please read our comment policy before commenting.