State Treasurer Tate Reeves Saves Mississippi
Taxpayers $4.6 million
State Government Should Spend More Time Looking for Ways to Save on Expenditures

(Jackson, Mississippi) – State Treasurer Tate Reeves today announced the closing of a municipal bond refunding transaction designed to save the taxpayers of Mississippi $4.6 million dollars.
 
“In these challenging financial times, Mississippi families are being forced to tighten their belts.  It only makes sense that state government looks for ways to tighten its belt too,” Treasurer Reeves said.
 
At the request of the Treasurer, the State Bond Commission, consisting of Treasurer Reeves, Governor Barbour, and Attorney General Hood, voted to give the State Treasurer the authority to negotiate this transaction once the projected savings met the needs of the taxpayers. Reeves compared this transaction to Mississippians who are refinancing their homes to get a better interest rate.
 
“I commend Governor Barbour and General Hood for their support of this transaction,” Treasurer Reeves added.  “Saving the taxpayers nearly $5 million is a prime example of what we can accomplish when working together.”
 
The 2009 Series A, B, and C bonds were sold to refinance State of Mississippi general obligation bonds dating as far back as September 1, 1998. The Series A refunding is expected to save taxpayers $2.75 million or 4 percent on a net present value basis, the Series B refunding is expected to save $996,772, and the Series C refunding is expected to save $872,904.
 
“The majority of the recent discussion in the Legislature has been on tax increases and raising additional revenue.  This transaction is a reminder that, on the state’s income statement, we have both a revenue and an expenditure category.  The state needs to spend more time looking at ways to save money on the expenditure side.  This transaction is an example lawmakers could follow of cutting expenses in tough financial times.”