Treasurer Folwell Treasurer Folwell Announces Approval of Debt Refinancing, Could Save More Than $50 Million in Interest

RALEIGH—Treasurer Dale R. Folwell, CPA, announced today that the North Carolina Council of State voted to approve the issuance of up to $150 million in General Obligation (GO) Refunding Bonds as well as up to $300 million in Limited Obligation Refunding Bonds. The bonds will be used to refund outstanding obligations to take advantage of lower interest rates thus reducing financing costs for taxpayers. While the exact amount of savings will be determined at the time of sale, it could be in excess of $50 million depending on interest rates at the time.

“When interest rates decline, many decide to refinance the mortgage on their house. The state is taking this opportunity to do the same,” said Treasurer Folwell. “As Treasurer, I will continue to monitor these opportunities and look to save taxpayer money wherever we can.”

The bonds to be refunded were used to finance a variety of projects around the state. Sale of the bonds is anticipated for mid to late July of 2017.