State refinances debt, saving $67 million

State Treasurer Curtis Loftis said his office has renegotiated a $425 million state infrastructure bond to get a lower interest rate, saving taxpayers $67 million.

“For the second time this year, our office was able to take advantage of historically low market rates for the benefit of the entire state,” Loftis said in a news release. “Instead of sending $67 million dollars out of state in interest, that money can be used for future road projects.”

It is the third refinancing done by the treasurer’s office since Loftis took office. In total, Loftis’ office says the activity has saved taxpayers $139 million.

Adam Beam