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For Immediate Release
August 21, 2012
Comptroller Susan Combs Announces Historic Low Interest Rate for Texas Short Term Notes
(AUSTIN) — Texas Comptroller Susan Combs announced today’s sale of Texas Tax and Revenue Anticipation Notes (TRAN) received an interest rate of 0.225 percent – the lowest interest rate ever for the state’s one-year notes.
“We will save valuable taxpayer dollars because of this record low borrowing cost,” Combs said. “Buyers bid about $24 billion, about two-and-a-half times the amount offered for sale, helping drive the interest rate down to its historic low. This strong sale showed that investors are very confident in the state’s economic growth and our record of conservative spending practices.”
Money from today’s $9.8 billion TRAN sale will be used to help fund school payments and manage cash flow between the start of a fiscal year and the arrival of tax revenue later in the year. The TRAN notes sold today will be repaid Aug. 30, 2013.
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