The Fayette County School System is looking to take advantage of today’s lower interest rates by sending out a request for qualification (RFQ) on the 1999 bond series that carries an average coupon interest rate of 4.66 percent. Board members April 13 approved the measure.

Audits and Financial Reporting Coordinator Tom Gray said the school system owes $24.9 million on the original $56 million bond series from 1999, which was a re-funding of the 1994 bond. The remaining amount is callable, and the school system wants to see if the market might produce a lower interest rate.

The school board will evaluate their options if the school system receives a favorable response from investment bankers, said Comptroller Laura Brock.

The school system has a total of five bond series in place, totaling approximately $180 million. Bond series from 1999, 2001, 2002, 2005, 2007 and a capital lease financial instrument have been used largely for the construction of new schools, the renovation of existing schools and for technology, Gray said.