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Missouri to refinance state debt

By Marshall Griffin, St. Louis Public Radio

Jefferson City, Mo. – The state of Missouri is moving to have its debt refinanced, in order to save money.

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 'budgetarily' in Fiscal Year 2011, and $4 million in (FY) 2012," Kaiser said.

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 over the life of the bonds.

The state will accept bids from financial companies at a meeting scheduled for next month.

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