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Bond Commission Action Saves Taxpayers Over $34 Million
Eliminates Debt Service Shortfall in FY 2018
New York, NY. Treasurer Lynn Fitch announced today that steps taken by the Bond Commission to refund and restructure nearly $450 million in outstanding State bonds will save Mississippi taxpayers over $34 million, including more than $32 million in Fiscal Year 2018 alone.
“The Bond Commission pays close attention to the financial markets so we can take advantage of favorable market conditions to save Mississippians money,” said Treasurer Lynn Fitch. “Today’s refunding not only eliminates the need for a deficit appropriation for debt service in FY 2018, but also saves taxpayers millions throughout the remaining life of the bonds.”
By proactively managing State debt, the Bond Commission saved taxpayers $69 million in Treasurer Fitch’s first terms in office.
Treasurer Fitch, as well as Governor Phil Bryant, is in New York this week for their annual meetings with analysts from the three top credit rating agencies. Their presentations highlight the positive actions Mississippi officials are taking for fiscally conservative budgeting and borrowing, including Governor Bryant’s FORTIFY Act and the Bond Commission’s recent rules for debt management.
In advance of this refunding and the rating agency visits, the three agencies affirmed Mississippi’s credit ratings:
