JEFFERSON CITY, Mo. (AP) - Missouri will be on the hook for $1.6 million less in interest payments after a state board approved refinancing of some bonds at a lower interest rate.
The Missouri Board of Public Buildings on Wednesday approved refinancing $21.4 million in bonds.
Gov. Jay Nixon says the state's consistent triple-AAA rating was key to saving money through refinancing.
The transaction also included the sale of $38.5 million of bonds to fund the renovation of an engineering building at the University of Missouri-Columbia.
The Legislature approved sprucing up Lafferre Hall at the University of Missouri last year. The renovation will provide additional space for engineering research.