NATCHEZ &8212; Aldermen voted Tuesday to refinance the bond it issued in 1999 to pay for construction of the convention center.

Atlanta-based financial services firm The Malachi Group estimates the city could save up to $1.5 million over the next 19 years by refinancing the bonds.

The city still has about $11.2 million in debt left on the $12 million bonds issued in 1999 to build the convention center and make renovations to the community center and city auditorium.

The city would save by refinancing the bonds &8212; saving at least 2 percent off the current 6.11 percent interest rate &8212; and executing a swap transaction, according to Porter Bingham, CEO of the Malachi Group, who appeared at Tuesday&8217;s meeting.

&8220;We got a four-hour tutorial on how this works,&8221; Mayor Pro Tem and Alderman David Massey said Tuesday, referring to the swap transaction.

The refinancing is the city&8217;s second in less than a year. In March, Mayor Phillip West executed an agreement to refund the city&8217;s 1994 water and sewer bonds, saving an estimated $85,000 over the next 14 years.

And in March 2003, city aldermen voted to sell bonds to refinance $2.185 million in debt still left from 1993, when the city last refinanced of $3.83 million of street improvement bonds.