Much the way your family can secure savings by refinancing your mortgage, the Bond Commission can often save taxpayers money by proactively managing State debt. I am very pleased to say that a bond refunding deal we completed two weeks ago will save Mississippi taxpayers more than $34 million.
What’s more, given the structure of the deal, we’ll achieve over $32 million of those savings in the coming fiscal year. We had anticipated needing a deficit appropriation for debt service in Fiscal Year 2018, so this refunding means that we will not need to seek additional funds from the Legislature to pay our debt service bills.
During my first term in office, we were able to save taxpayers $69 million. With this latest deal, we’re over $100 million in savings for the people of Mississippi!