Washington Bond Sale and Refinancing Yields Savings of $79 million - $11.9 Million Available for Near Term Budgets.
Contact: Chris McGann 360-902-9033
January 23, 2013 – Wednesday’s $554 million new bond sales and the refinancing of $785 million outstanding general obligation bonds saved taxpayers more than $79 million in today’s dollars. This reduction in principal and interest payments will provide more than $11.9 million to help balance budgets through the end of the 2013-15 biennium.
State Treasurer James McIntire said great results are no accident.
"This is a $11.9 million reminder that our strong credit rating and reputation for prudent financial management are tangible assets for the taxpayer," McIntire said. "With the savings from this sale, we take a small step toward closing a substantial budget gap and another long stride in our efforts to make sure taxpayers get the maximum value for their money."
House Appropriations Chairman Ross Hunter agreed.
"When you are tasked with finding a way to add $1.4 billion to K-12 education and preserve the government services the public demands, every penny counts." Hunter said. "These savings make a big difference."
Treasurer McIntire’s debt management team led by Ellen Evans, has infused greater competition and market participation into the bond sale process and reduced debt service costs by $1.4 billion on a present value basis since 2009.
"I am grateful for the public and private sector experience Ellen Evans brings to the table each and every day," McIntire said. "Her tireless work has increased our access to the bond markets so that we can reduce the interest rates we’re paying on new and old debt."
For more information visit the Office of the State Treasurer’s website at www.tre.wa.gov