Douglas County Board of Education (BOE) hopes to save the school system about $500,000 by refunding the remaining balance on a 1999 school bond issue.

A called BOE meeting will be held at 5 p.m. next Tuesday so the board can meet with underwriters who may be interested in buying the bonds.

Kay Turner, school system chief financial officer, said refunding old bonds is like refinancing the balance on your home mortgage.

“At certain times, you can refund bonds to get a better interest rate,” Turner said. “You get only one opportunity to do this on a bond issue, so you want to do it when you can maximize your savings.”

Turner said about $9.2 million is still owed on the 1999 issue, with five years left on the life of the bonds.

She said the BOE will hear proposals Tuesday from underwriters who have responded to the school system’s request for proposal (RFP).

In addition to the 1999 issue, the system has three other issues outstanding -- 2002A, 2005 and 2007, Turner said.

She said the 2002A is itself a refunded issue, so it can’t be refunded again.

“We may be looking at the 2005 and 2007 issues (for refunding) at a later date,” Turner said.