Montana Governor Steve Bullock’s Budget Director Dan Villa says the state has saved a substantial amount of money this week, July 10, by refinancing bonds, so far, the state has saved over $1.6 million by doing this.

"Over the last several years, we've been able to capitalize on bonds that were issued under previous administrations and capture the record low interest rates that are in the private market," Vila said. So just this week we were able to refinance $29 million in outstanding bonds."

The savings were made possible, in part, by Montana’s strong credit rating.

"Recently Montana was found to be the most fiscally improved state by J.P. Morgan in a report that they published," Villa said. "What we're able to do is when we go to the private market, we're seen as a very low credit risk. While we're only rated as a AA plus state from the bond rating agencies, we're achieving nearly AAA rates on our debt issuance's."

Villa says it is possible there are more savings in the future, but that it depends on what the bond markets do.

The bonds refinanced this time include bonds to build the Dillon National Guard Armory, renovate Gaines Hall at Montana State University, expand and enhance the Montana Agriculture Experiment Stations, provide funding for the Montana Tech Natural Resources Building/Montana Bureau of Mines and Geology, as well as funding for City College in Billings, Helena College, Great Falls College and the Montana Historical Society.