Bond debt retirement to save Henry County schools $1.2 million

The Henry County Board of Education was notified at its June 8 study session that the district will save $1,248,413 by retiring bond debt ahead of schedule.

Chief financial officer Christy Willis pointed out that a provision in the 2015 general obligation bond series allows the district to retire the bonds Aug. 1 of this year for $13,499,000. The money that is saved will be earmarked for the debt service fund and not the general fund.

Currently the district has a AA bond rating, one step below the highest given by Standard & Poor which is AAA, Willis said, and moves such as this one will result in more opportunities to improve that rating.