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Virginia governor Ralph Northam announced Tuesday that the state will refinance some debt to save millions of dollars for higher education over the next couple of years.
“One side effect of the pandemic has potential to help our public colleges -- that’s the low interest rates we’re seeing right now,” Northam said during the announcement. “There’s a significant opportunity for our commonwealth and our public higher education institutions to save money by restructuring our debt.”
The debt-restructuring project will save more than $300 million over the next two calendar years and three fiscal years. Northam has already authorized the refinancing of one set of bonds. Refinancing another set will require state legislation, which is expected to pass during the next legislative session.
Northam made the announcement at George Mason University alongside Aubrey Lane, the Virginia secretary of finance, and Gregory Washington, president of George Mason.
Right now, the university has 31 active cases of COVID-19 on campus, the lowest of any public college in Virginia, according to Washington.
“You being here today is probably safer than any place you could be in the commonwealth, with the exception of your home,” Washington said to Northam during the announcement.
