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      SC refinances public debt to save tax payers millions

      State Treasurer Curtis Loftis says South Carolina is refinancing $508 million of public debt, saving taxpayers about $48 million.

      COLUMBIA, S.C. (AP) -- State Treasurer Curtis Loftis says South Carolina is refinancing $508 million of public debt, saving taxpayers about $48 million.

      Loftis announced Monday the state is refinancing $220 million worth of general borrowing by state agencies and schools and $288 million in borrowing for road construction through the State Infrastructure Bank.

      Loftis says his office took advantage of low interest rates. He says the savings can be invested in other worthwhile projects without raising taxes.

      The interest rates on the nine bonds range from 1.4 percent to 3.9 percent. Their term lengths didn't change. They will be paid off in between four and 22 years.

      Last year, Loftis announced $24 million of savings through refinancing.

      The Republican treasurer says South Carolina gets such good rates because of its AAA credit rating.

      (Copyright 2012 by The Associated Press. All Rights Reserved.)