Posted: Apr 3, 2013 3:13 PM by AP
COVINGTON, La. (AP) - St. Tammany Parish taxpayers could save about $1.5 million in interest payments under a move to refinance about $42 million in bond debt. Both the Parish Council and the state Bond Commission have approved the bond re-issuance effort.
The parish in 2006 issued $50 million in bonds to pay for improvements to roads. That debt has been paid down somewhat over the past seven years with a sales tax dedicated for that purpose. Like millions of homeowners who have refinanced their mortgages to take advantage of lower rates, the parish government is trying to realize savings by doing the same thing.
Officials tell The Times-Picayune the parish is hoping to save around $85,000 a year over the next two decades as a result of the refinancing.