WEST POINT, Miss. (WCBI) — West Point taxpayers hope to save almost $200,000 in interest payments by refinancing bond debts at lower interest rates.
Selectmen are studying issuing up to one point six million in new bonds at interest rates as low as 1.5 percent to pay off water and sewer loans issued during the last decade. Some of those debts carry interest rates as high as 5 percent.
The lower rates will save taxpayers an estimated $196,000.
Governments across the country are refinancing old debt and issuing new debt to take advantage of record-low interest rates on municipal bonds and loans from local banks.
West Point selectmen may have a special meeting next week to authorize the refinancing.