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State Officials Ceremonially "Burned The Mortgage"

Last updated on Thursday, October 18, 2012

(INDIANAPOLIS) - State officials have ceremonially “burned the mortgage” from the construction of the Indiana Government Center and White River State Park.

Governor Daniels says a combination of surplus funds and a refinancing of other state debt allowed the state to pay off bonds for the government center, the park and seven other buildings anywhere from three to 21 years early.

The up-front payment of 147-million dollars will free up 68-million dollars in interest payments in the next state budget, and an additional 125-million for 17 years after that.

The retired bonds also cover the two state parking garages near the government center, the Pendleton and Rockville prisons, the prison annex in New Castle, and two state warehouses.

Daniels boasts the state has cut its debt in half since he took office, a figure which includes the reversal of payment delays to schools as well as bond payments. There's still one-point-seven-billion dollars in borrowing on the books, for state hospitals, prisons, and roads.

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