JACKSON, Miss. (WJTV) – The State of Mississippi issued $1.13 billion worth of general obligation bonds on Thursday, November 18. This includes a refinancing of about $717.7 million of existing debt which is expected to save taxpayers $53.3 million, according to Gov. Tate Reeves (R-Miss.).
The governor said the financing sets aside $326 million for capital projects including economic development programs, university and community college improvements and other infrastructure projects for the state and communities.
“With interest rates at historic lows and our state’s strong credit, it was a no-brainer to refinance Mississippi’s existing general obligation bonds. It’s smart, fiscally conservative decisions such as these that have made Mississippi a sound investment. As chairman of the State Bond Commission, I will continue to conduct transactions that save taxpayers even more money,” said Reeves.
The state’s taxable bonds priced at or through the referenced US Treasury rate in 2022-2025, and the state’s borrowing cost in these maturities was less than the federal government’s.