Meta refresh tag timing

I am relatively new to the Web and seem to be having trouble getting a 
clear answer to a somewhat technical question regarding the meta refresh tag.

Specifically, I wish to understand *at what precise point* the browser 
begins the reload of the designated URL in the refresh meta tag.  Does the 
designated time (i.e. 3 seconds, 8 seconds) in the refresh tag begin 
"ticking" only after the *entire* Web page has downloaded, rendered and 
becomes visually accessible to the user?  Or, - and this the my real 
concern - does the "ticking" begin at the time the browser has download the 
meta refresh info (at the top of the page) and before subsequent (lower on 
page) text and graphics have downloaded and rendered?

Dealing with the consumer market and the wide range of modem speeds (some 
still as low as 28.8), it would seem as if the viewer might never see the 
page in full if the ticking begins as the page is unfolding from the top 
and ticking begins as the page unfolds just past the meta refresh tag 
information.   With a slow modem, the viewer would end up with the page 
refreshing to a new URL before ever possibly viewing the original 
page.   This is important on a particular site where the splash page should 
be seen - is relatively light (15K) - and is currently set for 3 second 
refresh.  I'm concerned that slow modem people may never see the page 
depending upon when the refresh clock starts ticking.

Hopefully I have explained the matter sufficiently and I would appreciate 
any feedback you might provide.

Sincerely,
Ralph Rasmussen 

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