Wednesday, September 12, 2012
By K.A. WAGONER - Staff Writer
Franklin County schools will save $159,000 by refinancing 10 Literary Fund Loans at a lower interest rate.
Monday night, the school board approved the refinancing of $3.1 million in loans, which are financed at a 3 percent fixed rate, at a 1.45 percent interest rate, according to Lee Cheatham, director of finance for the school division.
The school board passed a resolution Monday night approving the refinancing. The Franklin County Board of Supervisors must approve the request before the school division can move forward.
Over the next seven years, the lower interest rate will save the division $158,828, Cheatham said.
The Virginia Literary Loan funds were borrowed for projects at Boones Mill, Dudley, Ferrum, Glade Hill, Sontag, Callaway, Lee M. Waid, Rocky Mount and Snow Creek elementary schools, as well as the Gereau Center.