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State Bonds Sell For Record Low Interest Rate
The state of Tennessee has completed the sale of approximately $366 million of general obligation bonds for the lowest interest ever negotiated in the state’s history, according to the Comptroller’s Office.
The debt offering was sold in three series of bonds. The proceeds will be used to fund new capital projects and refinance currently outstanding bonds at the lower interest rate.
The refinancing will save Tennessee taxpayers $22.8 million over the next 15 years.
The Comptroller’s Office reported the true interest rate cost for the bonds was only 2.16 percent.
Read more: https://www.memphisdailynews.com/news/2016/aug/27/state-bonds-sell-for-record-low-interest-rate/#110508
