Missouri to save millions through bond refinancing
Gov. Nixon announced yesterday that the State of Missouri will save a total of $4.8 million through bond refinancing made possible by the state’s strong fiscal discipline and spotless AAA credit rating. The State Board of Public Buildings today gave final approval on the refinancing of the Special Obligation Refunding Bonds, Series A 2013. The refinancing will save the state $900,000 in the current fiscal year, and $4.8 million over the life of the bonds. So far this year, the state has issued three series of refunding bonds, for a total savings of $15.6 million. Last week, all three leading credit rating agencies Moody’s, Fitch Ratings and Standard & Poor’s confirmed Missouri’s perfect AAA credit rating and cited the constitutional authority of the Governor to rein in spending and keep the budget in balance throughout the year.