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The Ringgold County board of supervisors met Monday for their regular meeting and passed a resolution that approves a bond purchase agreement and call outstanding bonds for prepayment.
The board of supervisors have been looking at refinancing the current jail bonds, a move that will save $85,350 and lower the previous interest rate of 3.65 percent to a projected 2.22 percent.
The loan agreement is with Northalnd Securities, Inc., out of Minneapolis, MN.
The current bonds (Callable 2010 Bonds)were available for payment this year and, with this resolution, stand to be paid, however, the new bonds would replace them and would not be available for repayment until June 30, 2025, extending the general obligation local option sales tax.