Commissioners show support for resolution to refinance loan

Commissioners show support for resolution to refinance loan

MEMPHIS, TN (WMC) - A resolution to lower Shelby County's debt and fund new schools is one step closer to being passed.

Seven County Commissioners voted in favor of the resolution to refinance public improvement and school bonds Wednesday.

"I think the tax payers should be happy that we are saving money with the debt that we are borrowing. We're getting it at the lowest interest rate possible, so we don't have to access any of their taxes or raise taxes," Commissioner Van Turner said.

If the resolution is passed during the final vote of the commission, the extension would take about 20-25 years to pay off.

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