Over $243,000 saved refinancing school bonds
Pickett County issued a $4,100,000 General Obligation School Refunding Bond, Series 2009 on Tuesday, March 31st. The purpose of the bond was to refinance the current Countyâ€™s School Bonds, Series 1999 in order to save money.
In March 2008, the Pickett County Commission approved a resolution to look at refunding the school bond but due to the turbulent market decided to wait until another time.
In February 2009, the market became more favorable to refinance. Pickett County Executive Stephen Bilbrey and Director of Schools Diane Elder worked to get a bond rating which determines the interest rate.
The county was assigned a strong bond rating of â€śAâ€ť and was able to refinance the bond and save a total of $243,343.75.
The money saved will go into Pickett County Schoolâ€™s general fund.
Special thanks to Linda Crouch of Regions Bank and Richard Dulaney of Morgan Keegan for their help in obtaining the bond.