Looking for more upfront cash for the convention center project, the city authorized its bond attorneys to refund the city’s bond debt as soon as the market seems favorable.

After a visit from Mike Espy and Don Clark of the Jackson-based law firm Butler Snow, the board decided to allow the attorneys to watch the market and determine the best time to restructure the debt on about $6 million in bonds.

Espy, a Mississippi native, is the former U.S. agricultural secretary.

The city wants to restructure its bonds – those that were taken out in 1986, 1993, 1994 and 1997 – and consolidate the debt. The latest of those is due to be paid off in 2012.

The city wants to consolidate the city’s debt into one bond issue which would be due in 2012.

Refinancing the bond debt could provide up to $1.5 million over the next six years, Clark said.

&uot;That number depends upon what the interest rates are the day we sell the bonds,&uot; he said.

The city has delayed any action on the bond refunding so that it can find the best interest rate.

City attorney Walter Brown said the bond refinancing could come &uot;anytime in the next few days or the next few weeks,&uot; depending on the interest rates.

&uot;This is essential to the overall financial planning of the city,&uot; he said.

Espy said Natchez has an advantage in that it has a high bond rating.

&uot;This administration has done a good job in getting a favorable rating,&uot; Espy said. &uot;They’re bound to get a good interest rate.&uot;