Louisiana taxpayers will save some $43.2 million in interest from refinancing the state’s general obligation bonds, state Treasurer John Schroder announced earlier this month.
The refinancing was handled by the Boles Shafto law firm in Monroe. The law firm handled the sale of roughly $519.6 million of taxable general revenue refunding bonds on Oct. 14.
The state will realize interest savings ranging from $3.2 million to $3.4 million from 2022 to 2033. For 2021, the savings are expected to be $2.4 million.
“General obligation bonds are money we’ve already borrowed to fund construction projects across Louisiana,” Schroder said. “By lowering the interest rate, we saved taxpayers a significant amount of money. This is a smart way to lower costs and create budget savings.”
The Oct. 14 bond sale was the second time the Boles Shafto law firm served as lead bond counsel for the state.
“We’re very honored to be leading this transaction for the state of Louisiana,” said Bill Boles Jr., senior partner at the Boles Shafto law firm.
“We are the only firm outside of New Orleans and Baton Rouge that has ever acted as lead bond counsel for the state, and we feel very honored and privileged to have been entrusted with that role,” Boles said. “This transaction saves the state and the taxpayers a significant amount of money at a time when our state is under financial pressure due to the pandemic.”