During the March 21 meeting, the Louisiana State Bond Commission approved more than $274 million by refinancing existing public debt, according to State Treasurer John Kennedy, and a Webster Parish project was included.
"We signed off on a number of approvals today ranging from large bond sales to smaller issuances," said Treasurer Kennedy. "Some of the projects may not have had the largest price tags, but they will still provide lasting benefits to taxpayers."
During the February 4 Webster Parish School Board meeting, Grant Sutter, board counsel, presented a resolution asking for approval to the issuance of General Obligation School Refunding Bonds, of Springhill School District No. 8.
"Based upon current market rates, net savings to taxpayers is estimated at $700,000," said Sutter at the February WPSB meeting.
The board passed the resolution by a vote of 11-0, with school board member Charles Strong absent.
The actual amount saved to taxpayers will be $789,000 by refinancing the bonds.
The school district has saved more than $3.1 million by refinancing the bonds at a lower interest rate, over the last 10 years.