FOR IMMEDIATE RELEASE
Treasurer Cowell Saves NC Taxpayers $23 Million with Bond
State Sees Nearly $50 million in Savings in April
RALEIGH, NC – State Treasurer Janet Cowell awarded
$199.57 million in State of North Carolina Limited Obligation Refunding bonds
Wednesday. The refunding will save the State approximately $23.2 million in
debt service costs. Two weeks ago, Treasurer Cowell announced a refunding sale
that saves $25.6 million. Bonds are similar to home mortgages, in that the
bonds that the State issued to provide financing for various government
projects can be refinanced when interest rates are lower.
“This sale was another opportunity to save the taxpayers
money,” Cowell said. “We will continue to monitor market conditions for
opportunities to achieve further savings.”
The bonds were originally issued from 2004 to 2007 and
used to pay for various state projects including repairs and renovations of
state facilities and related infrastructure. The bonds were awarded to J.P.
Morgan Securities LLC, which submitted a bid of 2.438%, the most favorable of
the six bids received.
The Department of State Treasurer’s State and Local
Government Finance Division handles the sale and delivery of all State and
local debt and monitors the repayment of State and local government debt. More
information can be found at http://www.nctreasurer.com/slg