Halifax County commissioners today approved the refinancing of the department of social services building and Enfield Middle School, going with a bank proposal which offered a 2.35 percent interest rate.
The refinancing will save the county $1,038,392 over the course of the 10-year refinancing agreement, County Attorney Glynn Rollins told the board.
Commissioners opted to go with a proposal from Capital One Public Funding, which offered the county the lowest interest rate.
The interest rate for the school loan was 4.37 percent while the interest for the DSS project was 4.45 percent.
Both projects have 10 years remaining. The county currently owes $8.5 million on the school project and $3.8 million on the DSS project.
There were no speakers during a public hearing on the matter this morning.
“It’s definitely a good thing,” board Chair Vernon Bryant said during a break in the meeting.
Bryant said during discussion of the matter the refinancing deal represents savings of $126,000 a year over the 10-year period.
“It means a savings of $1 million over the next 10 years,” County Manager Tony Brown said. “It’s an example of staff always looking for efficient ways to save money.”