NATCHEZ &8212; The refinancing of $9.8 million in convention center bonds could save the City of Natchez about $2.4 million over the next 18 years if all goes as expected.

Porter Bingham of the Malachi Group and representatives from Rice Financial Products Company presented the city with a mock oversized check for $400,000 at the Tuesday aldermen meeting.

The money is not mock, however, said Mayor Phillip West. &8220;We&8217;ve been working on this for six months,&8221; he said. The $400,000 is the first payment under the new arrangement.

The company formerly handling bonds for the city had said refinancing would not save much money, West said.

The new companies have negotiated a &8220;swap,&8221; which is the sale of a bond and the purchase of another bond of similar market value.

&8220;They take our bonds to the marketplace and sell at a certain rate, and as they make money, the city makes money,&8221; West said.

The Bank of New York is the lead agency, the entity doing the &8220;swapping,&8221; West said.

West said the only risk would be a complete change of tax laws of a kind that hasn&8217;t happened in 50 years.

Other items at the meeting included an appeal from Lissa Graves for financial assistance at the Adams County Equestrian Center.

&8220;We&8217;ve put a lot of time and effort into that facility,&8221; she said. &8220;In March we had our first rodeo.&8221;

Graves said the arena helps to bring people from outside Natchez for events such as the rodeo.

&8220;And we have 18 more events for 2006. One is a bull ride that will bring a lot of folks from out of town,&8221; she said.

She requested $3,800 from the city to purchase a used set of bull chutes. &8220;It&8217;s a bargain for that equipment,&8221; she said. &8220;New it is $18,000, and that&8217;s not delivered.&8221;

Alderman Theodore &8220;Bubber&8221; West said her request was a reminder that the city spends $1 million each year on recreation and the county, about $50,000

Graves said the county has been a big help to the arena since the group began building it after losing the Liberty Park arena, closed due to the Natchez Trace project.

The board took no action but said they would discuss it at the budget work session June 1.

The board approved a request by Rene Adams, who proposes to organize activities to accompany the annual Fourth of July fireworks display.

&8220;Everyone goes to the bluff, but, except for the fireworks, there&8217;s nothing to do,&8221; she said.

She is working with the Isle of Capri, which sponsors the fireworks, she said, requesting a section of Broadway be closed to vehicles and that the open-container law be lifted for the approximately three hours she proposes late in the day.

Activities will include a hot-dog-eating contest, watermelon-spitting contest and perhaps a slide for children.