With a stabilized budget and amid stronger-than-expected revenue growth, Kansas paid off a chunk of debt and will fund some projects with cash, saving $754 million in interest costs as it builds a case for rating upgrades. The state tapped its surplus to pay down $1.6 billion of debt mostly owed to its pension system, redeemed callable bonds, and will cash fund $203 million of capital projects instead of issuing bonds, Gov. Laura Kelly announced Monday. “By prioritizing fiscal responsibility, we have put Kansas back on track and ready for the road ahead,” she said in a statement.
Source: The Bond Buyer
