Supervisors OK refinancing of bonds, could save $900K
by Associated Press
Published: January 23,2012
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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