“My administration has made a commitment to cutting costs in state government wherever possible,” Governor Robert Bentley said. “We have made significant progress and have saved taxpayers over a billion dollars annually. Today’s meeting is a continuation of the promise we made to streamline government and make it more efficient and effective.”
Due to a very favorable interest rate environment and solid credit ratings, the bonds were sold on a competitive basis with average true interest cost of 2.49%.
The bonds refunded were part of the over $1 billion bond issue executed in 2007. All of the savings will be realized by the Education Trust Fund through lower annual debt service payments.