June 12, 2012

SALEM - Oregon taxpayers will save millions thanks to a successful initiative to refinance state bonds to lower rates, State Treasurer Ted Wheeler announced today.The series of refinancing efforts in the first half of 2012 will reduce payments on various state office building, educational, and highway bonds by an estimated $60.8 million over the life of the debt, compared to what was due previously. These "refunding" sales allow the state to take advantage of low interest rates in the municipal bond market.Taxpayers also benefitted from Oregon's strong credit rating, and because voters endorsed lower-cost financing options through Measure 72 in 2010."The State Treasury is making the most of this historic opportunity, and we are saving Oregonians millions by qualifying for bargain-basement interest rates," said Treasurer Wheeler. "When we pay less in interest, it means Oregon can devote more resources to other public priorities like education, public safety and protecting our most vulnerable citizens."

Read the full story at www.ost.state.or.us