JEFFERSON CITY — Missouri is planning to refinance more than $500 million of debt as part of Gov. Jay Nixon's plan to balance the state budget.
Nixon's budget proposal for the next fiscal year assumes the state will save $41 million from the debt restructuring.
The governor's budget office said the state already has refinanced $20 million of principle from the debt used to build Mizzou Arena.
Budget director Linda Luebbering said the state also hopes to refinance $317 million of principle from bonds issued by the Board of Public Buildings and $175 million of principle from bonds issued by the state Board of Fund Commissioners.