Massachusetts Gov. Deval Patrick yesterday signed into law a $27.6 billion fiscal 2011 budget as lawmakers continue to work on legislation that would restructure general obligation bonds to reduce fiscal 2011 debt-service costs. Fiscal 2011 begins today.
The legislature is set to pass the debt restructuring bill today. That plan would refinance $300 million of GO bonds to move those debt service costs to future years. The bonds will have a maximum maturity of up to six years, according to the bill. Officials are aiming to price the refinancing deal in July.