The Ascension Parish School Board voted unanimously to refinance $4.34 million in general obligation bonds.
The board agreed during its Tuesday night meeting to accept an offer of 2.3 percent interest from JPMorgan Chase Bank, bond attorney David Henderson said.
The move refinances outstanding debt from the series of bonds first issued March 1, 2002, which carried interest rates between 4.25 and 5 percent, said Diane Allison, the system’s director of Business Services.
As a result of the board’s action, the system will save nearly $1.5 million in interest payments during the next 11 years, she said.
The original bond issue amounted to $11.5 million, Allison said, of which about $7.1 million is outstanding. Almost $3 million in cash has been set aside to make payments on the debt, Allison said, and the remaining amount was refinanced.
The latest bonds will be repaid through a dedicated 15.08-mill property tax, she said.