Bond refinancing saves Mississippi taxpayers millions
(The Center Square) – Mississippians will be saving millions of dollars in the coming years as state leaders stuck a bond refinancing deal, Gov. Tate Reeves announced.
Reeves said in a Facebook post the state will save $53.3 million due to the bond restructuring. David McRae, the state’s treasurer, said in a news release taxpayer savings are now nearly $100 million since he was elected.
“I’m a numbers guy – but you don’t have to be (one) to know saving taxpayers over $53 million in a single day is a big deal,” Reeves said on his Facebook page. “Thanks to State Treasurer David McRae and Attorney General Lynn Fitch for helping us refinance some of Mississippi’s bonds. Smart, prudent fiscal management is another reason why Mississippi is a great place to invest.”
According to the release, the state took advantage of current low-interest rates to refinance $717.555 million of outstanding debt, leading to the savings.
“Mississippians should truly be proud of the sound state our finances are in. That is not by happenstance either,” McRae said in the release. “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.”
Meanwhile, according to the release, several capital projects have been funded, including economic development programs, university and community college improvements, and infrastructure projects.
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