Treasurer Briner Announces Bond Sale Saving State Taxpayers Millions of Dollars

North Carolina taxpayers will save millions of dollars as a result of old bonds — issued for numerous capital projects around the state — being refunded at a lower interest rate. This savings is thanks to the work of the State and Local Government Finance Division (SLGFD) to modernize the state’s debt processes. 

State Treasurer Brad Briner announced today the successful sale of the state’s $165.2 million Limited Obligation Refunding Bonds, Series 2025B, through an underwriting group led by Wells Fargo. The refunding bonds were sold at a true interest cost of 2.65%, replacing bonds that had an average interest rate of 3.184%. The issuance of the bonds, when combined with other funds identified by the treasurer, resulted in total debt service savings for the state of $10.75 million, or an average of $1.34 million per year for the next eight years. 

“We are always looking for ways to make the most of taxpayer dollars. This sale does just that,” said Treasurer Brad Briner. “I appreciate the work of Denise Canada, Jennifer Wimmer and Jeff Poley, and our entire SLGFD team who led the effort to realize this debt relief. We look forward to more savings in the coming week.”

“Early in his term, Treasurer Briner took steps to get both the Council of State and Local Government Commission to approve new processes to refund debt more quickly,” said Canada, Deputy Treasurer of the State and Local Government Finance Division. “Now, my team is able to act quickly when market conditions are favorable without having to wait for approval.” 

The state plans to sell its General Obligation Refunding Bonds, Series 2025C and Series 2026A, refunding bonds next week through an underwriting group led by Bank of America. That includes a tender process for certain bonds that would provide additional savings to the state. The results of that transaction will be announced next week.