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LOW INTEREST RATES PROMPT GSA MORTGAGE BOND REFINANCING

 WASHINGTON, March 1 /PRNewswire/ -- Acting Administrator Dennis J. Fischer of the U.S. General Services Administration (GSA) today said GSA has successfully completed the refinancing at lower interest rates of $41,175,000 of GSA-backed mortgage participation certificates (PCs).
 Fischer said the move has saved the taxpayers more than $2.5 million in present value interest costs.
 The PCs were part of several series of mortgage bonds issued during the early-to-mid-1970s to finance the development of public building projects around the country.
 Fischer said GSA has called the final $41,175,000 worth of Series G participation certificates that were still on the market and is satisfying its redemption obligation by financing the redemption price through the U.S. Treasury Department's Federal Financing Bank.
 The Series G PCs is the third batch of PCs to be refinanced by GSA in the last four months. Fischer, GSA's chief financial officer during the two previous refinancings, said the effort has saved the government more than $10.5 million in present value interest charges.
 A final group of PCs issued by GSA -- known as Series H, I, & J -- remains on the commercial market, and Fischer said a decision on whether to redeem and refinance the series will me made this spring.
 -0- 3/1/93
 /CONTACT: U.S. General Services Administration, Office of Media Relations, 202-501-1231/


CO: U.S. General Services Administration ST: District of Columbia IN: FIN SU:

TW-DC -- DC032 -- 1611 03/01/93 16:55 EST
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Publication:PR Newswire
Date:Mar 1, 1993
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