NATCHEZ &8212; Natchez could save up to $1.5 million over the next 19 years if it refinances the convention center bonds, an Atlanta-based financial services firm estimates.

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, Porter Bingham, CEO of the Malachi Group, told city officials.

&8220;There are some risks involved with this kind of transaction,&8221; City Attorney Walter Brown said.

&8220;If Congress changed the marginal tax rate, the city might have to pay more. That&8217;s why I advised the board to set aside some of this (savings) just in case that happens, &8230; although history suggests it shouldn&8217;t.&8221;

Brown said aldermen are set to vote Jan. 10 on whether to go ahead with the transaction, which city officials discussed in their Tuesday evening work session at City Hall.

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.