State refinances bond, saves $53M

Published 8:00 am Sunday, November 28, 2021

A bond refinancing deal has been struck by Mississippi leaders to save taxpayers more than $53.3 million, according to state Treasurer David McRae.

“This new deal adds to previous financing wins, bringing the total taxpayer savings to nearly $100 million since I became treasurer in 2020. Every Mississippian should truly be proud of the sound state our finances are in. That is not by happenstance, either. 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,” McRae said.

“I am grateful to work with Gov. Tate Reeves to ensure Mississippi remains fiscally conservative now and into the future. Today is a good day for the State of Mississippi.”

Subscribe to our free email newsletter

Get the latest news sent to your inbox

Taking advantage of the low interest rate environment and the state’s strong credit, leaders chose to refinance $717.555 million worth of outstanding debt. By lowering the interest payments on this debt, taxpayers will save $53.33 million.

At the same time, the state has funded a variety of capital projects, which have been authorized by the Legislature and governor. These include economic development programs, university and community college improvements, and real infrastructure projects, McRae said.