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S.C. STATE TREASURER GRADY L. PATTERSON JR. ANNOUNCES THE REFINANCING OF APPROXIMATELY $300,000,000 OF STATE GENERAL OBLIGATION BONDS

 COLUMBIA, S.C., Sept. 13 /PRNewswire/ -- State Treasurer Grady L. Patterson Jr., announced today the refinancing of approximately $300,000,000 of State General Obligation Bonds which will save the state taxpayers approximately $10,000,000 on interest costs over the life of the bonds.
 "The bond market has improved substantially over the last several months and is now at a historic low. This means that State general obligation bonds which are sold to finance prisons, ports facilities and public buildings, etc., can be sold at the lowest interest cost to the State in decades.
 "I believe we can save the State approximately $10,000,000 by refinancing these bonds at this time," Patterson said.
 Under Federal Law, bond issues can be refinanced only one time during the life of the bond issue.
 Taking advantage of the present favorable bond market conditions will save the taxpayers approximately $10,000,000 over the life of the bonds.
 -0- 9/13/93
 /CONTACT: S.C. State Treasurer Grady L. Patterson Jr., 803-734-2101/


CO: South Carolina State Treasurer ST: South Carolina IN: SU:

SB -- CH010 -- 1401 09/13/93 15:12 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
Words:189
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