Home » NEWS » Supervisors OK refinancing of bonds, could save $900K

Supervisors OK refinancing of bonds, could save $900K

HERANADO — DeSoto County supervisors have approved refinancing $22 million in 2004 general obligation bonds, a move that could save $900,000.

The Commercial Appeal reports the board also approved a health coverage pact for county employees. The new plan keeps rates flat.

The current interest rate the county must pay from 2015 to 2024 ranges from 4.25 to 5 percent.

Demery Grubbs, the county’s financial adviser, projects savings ranges from 2.625 to 3 percent, with an average annual interest rate of 2.89 percent.

Supervisors also approved a yearlong health coverage renewal with Humana for county employees that sets total fixed costs at $975,687, a $77,257 net increase over last year tied to rising administrative fees.

The county is self-insured.

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