Governor Bullock Announces Montana Sells Bonds to Move Forward with Infrastructure, Refinances Existing Bonds to Save Taxpayer Dollars

Bond sales will continue critical public works projects across Montana

• September 30 2020

MONTANA – Governor Steve Bullock today announced the state sold $52.2 million in bonds to continue moving forward with infrastructure projects across the state and refinanced $32.4 million in bonds to take advantage of lower interest rates and save taxpayer dollars.

“By selling bonds today we are moving forward with critical projects across the state and supporting the Montana economy by continuing to put shovels to dirt and facilitate good-paying jobs,” Governor Bullock said. “Additionally, we are ensuring we are good stewards of taxpayer dollars by refinancing existing bonds to take advantage of low interest rates and save the state millions of dollars over the long term.”

This afternoon, the Board of Examiners executed the Bond Purchase Agreement, finalizing $52.2 million in bond issuance for infrastructure projects. The bonds sold will continue financing projects such as Romney Hall, expansion of the Great Falls College MSU Dental Hygiene Clinic, and the Montana Heritage Center. Interest rates for the bond issuances were historically low and ranged between .7 percent to 1.8 percent.

Additionally, the Board of Examiners approved refinancing $32.4 million in trust land bonds as well as water pollution control bonds. Refinancing will save the state $7 million.

The Montana Legislature passed and Governor Bullock signed legislation in 2019 to fund sewer, water, bridges, buildings and other public works projects. It is the first time the Legislature has agreed to a comprehensive statewide bond package in over a decade.

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