State Strikes Refinancing Deal, Saves Taxpayers $53.3 Million
New deal adds to previous refinancing wins, bringing total taxpayer savings to nearly $100 million since McRae became Treasurer
Treasurer David McRae today released the following statement on a bond refinancing deal that he and state leaders struck to save taxpayers more than $53.3 million:
“Mississippians should truly be proud of the sound state our finances are in. That is not by happenstance either. Advantageous investment strategies have ensured we outperform the U.S., beating even AAA-rated Texas, while our well-maintained rainy day fund has curried favor with creditors and preserved the state’s strong credit rating. I am grateful to work with Governor Tate Reeves to ensure Mississippi remains fiscally conservative now and into the future. Today is a good day for the State of Mississippi.”
Taking advantage of the low interest rate environment and the State’s strong credit, leaders chose to refinance $717.555 million worth of outstanding debt. By lowering the interest payments on this debt, taxpayers will save $53.33 million (present value).
At the same time, the State has funded a variety of capital projects, which have been authorized by the Legislature and the Governor. These include economic development programs, university and community college improvements, and real infrastructure projects.