News - State
DeSoto Public School Board refinances bonds
Posted: Mar 21, 2013 7:55 AM by AP
MANSFIELD, La. (AP) - Property owners in the North DeSoto area will get a tax break thanks to a favorable interest rate received by the DeSoto Parish School Board.
The Times reports the board recently voted to refinance almost $3.6 million remaining in a $12 million bond issue approved in 2004 to construct North DeSoto Middle School and renovate North DeSoto Lower Elementary and North DeSoto Upper Elementary.
The district's credit rating and fund balance contributed to the 1.88 percent interest rate submitted by Community Bank of Louisiana. Net savings over the remaining life of the bond issue will be $313,888.
The school board is able to keep that rating because of a policy of maintaining a fund balance - or reserve - that's 15 percent of the general fund budget.
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Information from: The Times, http://www.shreveporttimes.com
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