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Mississippi State Treasurer Lynn Fitch Mississippi State Treasurer Lynn Fitch

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State Treasurer Lynn Fitch Closes Successful Bond Sale Saving the State $36 Million

In fulfilling the responsibility to manage the state debt, State Treasurer Lynn Fitch continues to make fiscally conservative decisions which affect the long-term future of Mississippi. Early in Treasurer Fitch’s term, she refinanced the state debt and saved Mississippi taxpayers $33 Million. The Treasurer has again saved the state millions of dollars in the current bond sale, which closed today.  

Late last year, the State Bond Commission authorized the sale of $157 Million tax-exempt bonds (Series 2015A) and $129 Million taxable bonds (Series 2015B), and the bonds were priced to sell in the open market on February 3, 2015. The proceeds of the bond sale will allow Mississippi to fund economic development and capital improvement projects.

“We’ve had the opportunity to fund projects like the Yokohama West Point facility and capital improvement projects at the University of Mississippi Medical Center (UMMC), which will lead to job creation and a stronger economy,” Treasurer Fitch said. “It is important to manage the long-term state debt in a conservative manner and to be prudent with our state’s finances. Projects like Yokohama and UMMC help meet the needs of our state’s future and are perfect examples of using our resources to ensure Mississippi stays economically competitive.”

The state also entered the market with two refunding issues of $249,980,000 tax-exempt refunding bonds (Series 2015C) and $179 Million taxable refunding bonds (Series 2015D).  Savings on the refinancing transactions are a big win for the state, with $24 Million savings achieved on the tax-exempt refunding, and $12 Million savings achieved on the taxable refunding. The total savings for the refinancing transactions totaled $36 Million. “That’s over $69 Million saved on behalf of Mississippi taxpayers by being proactive about managing the debt,” noted Treasurer Fitch.