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The Stanly County Board of Commissioners voted Monday to sign a resolution reducing the percentage rate of one of the county’s loans.

County Finance Director Toby Hinson presented the resolution to the board regarding a $13 million loan made in 2008 for renovations to Locust and Aquadale elementary schools.

The interest rate for the loan in 2008 was 4.48 percent but it has had two rate reductions previously, moving the rate from 3.57 to 2.69 percent in 2017. The current modification will make the rate 1.54 percent and the reduction will save the county $222,561 from now to the loan’s conclusion in 2028. Previously, the commissioners had approved the reduction, but Truist Bank required a formal resolution from the county.

Commissioners also passed a resolution pursuant to decisions made at the Nov. 2 meeting regarding consolidation and debt refinancing.

Parker Poe has been employed as special counsel to assist with the refinancing of $8.2 million in debt “to save taxpayer dollars,” according to County Manager Andy Lucas.