Bond sale generates $10.75M savings for NC taxpayers

By Alan Wooten | The Center Square

North Carolina state flag file photo

(The Center Square) – Savings of North Carolina taxpayer money over the next eight years is $10.75 million through the sale of limited obligation refunding bonds through an underwriting group led by San Francisco-headquartered Wells Fargo.

First-term Republican Treasurer Brad Briner said the average of $1.34 million per year is another in the step of “always looking for ways to make the most of taxpayer dollars.”

“This sale does just that,” he said Wednesday.

The bonds were sold at true interest cost of 2.65%, replacing bonds with average interest rate of 3.184%. Other funds identified by Briner were also part of the issuance.

Denise Canada, secretary of the Local Government Commission, said Briner earlier this year took steps with the Council of State – the 10 elected executive offices led by the governor – and the commission she leads enabling processes to refund debt more quickly.

“Now," she said, “my team is able to act quickly when market conditions are favorable without having to wait for approval.”

Another sale with Charlotte-headquartered Bank of America is anticipated next week.

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Alan Wooten has been a publisher, general manager and editor. His work has won national or state awards in every decade since the 1980s. He’s a proud graduate of Elon University and Farmville Central High in North Carolina.