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Georgia gov: State secures historic low interest rates on state bonds, saves $35M for 2010
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ATLANTA - Georgia has secured historic low interest rates on the sale of new state bonds.
Gov. Sonny Perdue said the cheap rates saved the state $35 million for fiscal year 2010, which began in July. That's good news for the state, which is struggling with sagging tax collections thanks to the recession.
Georgia successfully sold some $794 million in general obligation bonds to fund new schools, public safety projects, road projects and other crucial infrastructure. The state was able to lock in a rate of 1.49 percent the lowest rate in state history for five-year bonds and 2.99 percent for the 20-year bonds. That's also a record low rate.
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