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School system moves to save $10M in capital funds

The Newton County School System expects to save nearly $10 million in capital funds by replacing older bonds issued in 1997 and earlier in 2010. The system will save $131,000 from the $2.955 million outstanding 1997 bonds due to a lowered interest rate, according to Bryce Holcomb, director of the public finance department at Citigroup, which serves as the bond underwriter for NCSS. He said it also should expect to save $9.7 million for the 2010 bonds to pay for Qualified School Construction Bonds at a zero interest rate, as allowed for by the American Recovery and Reinvestment Act.