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FOR IMMEDIATE RELEASE

November 6, 2014

Treasurer Cowell Saves NC Taxpayers $17.8 Million with Bond Sale

Raleigh, N.C. -- – State Treasurer Janet Cowell awarded $299 million in State of North Carolina Limited Obligation Refunding bonds Wednesday. The refunding will save the State approximately $17.8 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.

“This sale is part of a continued effort to save North Carolina taxpayers’ money,” Cowell said. “We take pride in being good stewards of the state’s finances and will continue to monitor ways to create savings.”

The bonds were originally issued from 2005 to 2009 and used to pay for various projects including facilities at the institutions of higher education, public safety and other state projects, as well as repairs and renovations of state facilities. The bonds were awarded to Wells Fargo Bank, which submitted a bid of 2.536%, the most favorable of the bids received.  In connection with the bond sale, all three bond rating agencies reaffirmed North Carolina’s AAA rating for General Obligation bonds.

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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​