COLUMBUS, Miss. (AP) — Lowndes County officials expect to save about $500,000 in interest charges by refinancing bonds issued to bring a commercial truck engine manufacturing plant to the area.
The Commercial Dispatch reports (http://bit.ly/1kkWhu7 ) the board of supervisors took the action Monday.
In 2007, supervisors approved a $21.3 million bond issue to be paid off over 20 years. The county installed water and sewer lines and made improvements to a site that became the Paccar Inc. manufacturing plant.
Paccar started building engines in 2010. The plant manufactures Paccar's MX engine for Peterbilt and Kenworth trucks.
The county issued the bonds at an initial interest rate was 4.5 percent. County administrator Ralph Billingsley says the new interest rate will be 3.1 percent.
Billingsley says the county will be paying about $40,000 a year less.
Information from: The Commercial Dispatch, http://www.cdispatch.com