ZACHARY — The Zachary Community School Board accepted Southwest Security Group’s low bid Thursday for the sale of $15 million in construction bonds.

The company will buy the 20-year bonds for an average 3.92 percent interest rate, and the money will be used to finance construction of a new school for first- and second-graders on School Board property between Rollins Place and Rollins Road.

“This is a very good rate. I am always happy to get under 4 percent,” said the board’s bond attorney, Jerry Osborne.

He added that interest rates are lower now than six months ago. Low-interest rates are financially beneficial for the School Board, which must pay interest on the bonds.

The highest interest rate bid among the four offers received was 4.16 percent.

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Osborne said that as a result of the favorable rate, the board could accept an interest rate as high as 4.94 percent for the next bond sale without raising the 36-mill property tax in the school district that is used to repay the district’s bond debt.

The sale was the first from the $40 million in bonds approved by voters last November for various construction projects including the new school.

Earlier, the school system sold another $89 million in bonds for construction programs.

The new school will be near the Early Learning Center for pre-kindergarten students that opened in November.

First-graders now attend Northwestern Elementary School, which is scheduled to be renovated for kindergarten students. Second-graders now attend Zachary Elementary.