Kansas State Treasurer Dennis McKinney announced today that his office has seen a 20 percent increase in new bond issues in fiscal year 2009. With state and local governments refinancing many older bond issues at lower interest rates, the State Treasurer's office has been increasingly called upon to issue principal and interest payments on municipal bond issues in 2009.
"Just like home owners, cities and counties are taking advantage of the lower interest rates being offered," explained State Treasurer Dennis McKinney. "We work hard to provide these customers with the best service and the lowest overhead costs."
The Bond Services division of the Office of the Kansas State Treasurer is staffed by only eight employees. This division of the Treasurer's office was named Transfer Agent/Paying Agent for 95 percent of all municipal bond issues registered in the state from July 1, 2008 through June 30, 2009, resulting in a 5 percent increase over the past 10 years.
"The more effectively and efficiently that our office performs means greater savings for the tax payer which translates into more money for upgrading schools, building roads, and developing other community projects," said McKinney.
The State Treasurer was designated as the fiscal agent for the State of Kansas in 1908. The registration of the issuance of municipal bonds was transferred to the State Treasurer in 1975. As a consequence of legislation in the 1980's, the State Treasurer has become registrar and transfer agent for those Kansas registered form municipal bonds that designate the Treasurer as paying agent. The office services more than 2,200 issues totaling in excess of $13 billion. For more information on Bond Services provided through the State Treasurer's office please be sure to visit our website http://www.kansasstatetreasurer.com/prodweb/bonds.php.
