JEFFERSON CITY — Missouri officials are moving ahead with a plan to refinance the state's debt.
A July 7 state board meeting has been scheduled to accept bids on a refinancing plan that is projected to save $15 million over the next couple of decades.
The plan is similar to refinancing a home loan from a 30-year to a 20-year mortgage. The state will save on interest by paying off the bonds faster. Missouri's plan also would help the budget in the short term.
The plan is projected to save more than $38 million in the fiscal year that starts July 1, and more than $4 million the next year. Those savings would be partially offset by higher repayment amounts in the subsequent 11 years.