Marshall County commissioners face a $6.29 million decision Monday night in the Courthouse Annex where they will gather for a regularly scheduled meeting.
"We're refinancing a bond issue and the end result is saving money over time," Commission Chairman Tom Sumners said Wednesday when asked about the pending resolution.
It's like refinancing a home mortgage.
"When interest rates get so low, you catch it and refinance it," Sumners said, deferring to County Budget Director Freda Terry on how much could be saved.
Savings will be approximately $173,000 between the time the bond sale is closed and the end of the term, which is on June 1, 2021, Terry said.
"We will pay less on interest each year if we refinance," Terry said.
While the figures are approximations because the exact interest rate has not been established by a sale, the saving estimate reveals an average annual reduction in costs of nearly $16,600.
A resolution for the bond sale has been prepared for a vote during the 6 p.m. meeting that's preceded by two public hearings on planning commission recommendations.
Also set for a commission vote is a resolution that will transfer $45,000 in the sheriff's budget that had been set aside for overtime pay and placement of that money into a new account for the reserve deputy program.
Sheriff Norman Dalton has presented an alternative labor program to help relieve overtime worked by full-time deputies. The commissioners' Law Enforcement and Budget committees have concluded the program will be an asset.
Unpaid reserve officers would help patrol deputies and provide security services at public events, Dalton has explained.
"I think it would be very beneficial for us and for all the events they could be a part of," Sumners said. He anticipates reserve officers would be at county school sports events and other school activities.