NEW ALBANY —
The board also voted to approve a plan to refinance middle school construction bonds. The bonds were initially issued in 2002 for $80 million and refinanced in 2005. With interest rates historically low, McWhorter said this is the perfect time to refinance them once again.
He said the corporation will save about $4.1 million in interest during the life of the bonds by refinancing, and will lower the debt service payment up to $300,000 per year. He said all of the savings will benefit property taxpayers.
“It is always great news when we can, through fiscal responsibility, reduce property taxes,” Hibbard said.