The Fayette County Board of Education signed off Wednesday evening on a $56 million bond package which refinances a 1994 bond issue and raises $2 million through COPS (certificates of deposit) to build a stadium at Starr's Mill High School.

Jim Stephens, finance director for the county's schools, estimated that the new funding plan would ultimately save taxpayers $2 million over the 15-year repayment cycle.

Interest rates came in slightly higher than anticipated with Goldman, Sachs Co. of New York taking the bond refinancing bid at 4.6834 percent and Robinson-Humphrey Co. Inc. of Atlanta setting interest rates for COPS at 4.7611 percent. Original predictions were around 4.5 percent.

"I'm very disapppointed in these rates," said Woody Shelnutt, school board member. "Is it worth waiting a week or two weeks?," he asked.

"It's a tough call," responded Jamie Wilson of Merchant Capital in Atlanta, who handled the bond sale for the board. He reminded the board that overall savings at the current rate were still more than $2 million, "not a bad deal," he said.