Calhoun school board refinances debt

·1 min read

Jun. 29—Calhoun County's school board voted unanimously Tuesday to refinance $15.8 million in debt, a move school board officials say could save the school system around $100,000 per year.

The board held a special called meeting at the school system's offices in Anniston to consider the refinancing proposal, which would take advantage of pandemic-era interest rates to refinance money the school system borrowed in 2016.

Brad Green of the investment firm Raymond James told board members the school system could save $2.4 million between now and 2046 by refinancing a bond at the current 3 percent interest rate instead of the 5 percent interest on the original bond. The school system could also pay off the bond early, but only after 2031.

The board approved the refinancing with little discussion. Board members also voted to accept the results of a regular state audit of the school system's finances. No discrepancies were found in the audit, according to the report from the state Examiners of Public Accounts.

Capitol & statewide reporter Tim Lockette: 256-294-4193. On Twitter @TLockette_Star.

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