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Missouri Debt to be Refinanced June 12, 2010

Posted by kbianews in St. Louis Public Radio.
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The state of Missouri is moving to have its debt refinanced, to save money. St. Louis Public Radio’s Marshall Griffin reports.

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Mark Kaiser is Director of Accounting for the state of Missouri. He says with interest rates being lower, now’s the time to refinance the state’s debt.

“This particular refinancing, of course if it comes in at the projected rates, will save the state about 38 million dollars budgetarily in Fiscal Year ’11, and 4 million in ’12.”

Under the restructured plan, the state will pay off the bonds faster and as a result save money on interest. Kaiser also says the plan will save around 15 million dollars over the life of the bonds. The state will accept bids from financial companies at a meeting scheduled for next month. In Jefferson City, I’m Marshall Griffin, St. Louis Public Radio.

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