Oregon Treasurer Ted Wheeler said the state saved $26 million in interest costs during a recent deal due mainly to recent legislation.
Last week, the treasurer said the state completed the first public bond sale that benefited from Measure 72, which passed in November and allows the state to reclassify certain borrowings.
The state also saved from a recent upgrade by Standard & Poor’s to AA-plus from AA.
Because of the measure Oregon is now able to sell general obligation bonds rather than certificates of participation under certain circumstances.
Previously, prisons and other facilities had to be financed using COPs.
Last week, the state sold $310 million of GOs at a rate of 3.68% to help finance a mental hospital and upgrade various state, university and school buildings, according to a statement from the treasurer’s office.
The bond issue also used $90 million for refunding.