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Back You are here: Home News Local and State News State Treasurer Cowell Saves NC Taxpayers $23 Million with Bond Sale

Treasurer Cowell Saves NC Taxpayers $23 Million with Bond Sale

State Sees Nearly $50 million in Savings in April

RALEIGH, N.C. : April 16th, 2014 - State Treasurer Janet Cowell awarded $199.57 million in State of North Carolina Limited Obligation Refunding bonds Wednesday. The refunding will save the State approximately $23.2 million in debt service costs. Two weeks ago, Treasurer Cowell announced a refunding sale that saves $25.6 million. Bonds are similar to home mortgages, in that the bonds that the State issued to provide financing for various government projects can be refinanced when interest rates are lower.
“This sale was another opportunity to save the taxpayers money,” Cowell said. “We will continue to monitor market conditions for opportunities to achieve further savings.”
The bonds were originally issued from 2004 to 2007 and used to pay for various state projects including repairs and renovations of state facilities and related infrastructure. The bonds were awarded to J.P. Morgan Securities LLC, which submitted a bid of 2.438%, the most favorable of the six bids received.
The Department of State Treasurer’s State and Local Government Finance Division handles the sale and delivery of all State and local debt and monitors the repayment of State and local government debt. More information can be found at http://www.nctreasurer.com/slg
Source: NC Department of State Treasurer.