Contact Us ▫ Careers  Twitter Facebook

Treasurer Cowell Saves NC Taxpayers $26 Million with Bond Sale

FOR IMMEDIATE RELEASE

Treasurer Cowell Saves NC Taxpayers $26 Million with Bond Sale

RALEIGH, NC – State Treasurer Janet Cowell awarded $306.85 million of general obligation refunding bonds Wednesday. The refunding will save the state approximately $25.6 million in debt service costs. 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.

“I’m pleased we could take advantage of low interest rates to save the taxpayers of North Carolina money,” Cowell said. “I am committed to continuing our state’s long tradition of conservative debt management.”

The bonds were originally issued from 1999 to 2007 and used to pay for various public improvement projects, including clean water, highway, educational and other projects. The bonds were awarded to Morgan Stanley, who submitted a bid of 1.804%, the most favorable of the seven bids received.

The State’s “AAA” bond rating was recently reaffirmed by all three major national rating agencies. Currently, all of the State’s debt ratios remain at or below the median levels for the State’s peer group composed of all states rated “triple A” by all three rating agencies.

###

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​