SOUTH CAROLINA TREASURER INAUGURATES A "NEW DAY IN PUBLIC FINANCE"
BidSC First Auction a Huge Success
SC Reaps an Extra $106,578.85 in Just Thirty Minutes

 
Columbia, SC – Hailing his new program, BidSC, as the "trailblazer for states around the nation," State Treasurer Grady L. Patterson, Jr. conducted the second-ever on-line auction of public funds. He said, "you’ve just watched South Carolina leap over forty-eight other states in public finance.

"By embracing new technologies in a creative way, my office has fostered a competitive environment among financial institutions that will generate higher investment returns for the people of South Carolina," Patterson stated. "Today, we’ve proven that this works. BidSC, in its South Carolina debut, produced an additional $106,578.85 in State CD investment returns."

BidSC places South Carolina 6-month Certificates of Deposit for auction to eligible state financial institutions each quarter. The starting bid can be no lower than the 6-month U.S. Treasury Bill. Previously, the Treasurer’s Office chose the financial institutions for CD investments at a predetermined rate of return (based on market averages).

Mr. Patterson continued: "In this thirty minute auction we have had a tremendous impact on our citizens and financial institutions. BidSC makes state investments more profitable – and when we make more money somewhere down the line we don’t have to raise taxes or fees on our citizens. This program also cuts the paper-trail and increases office efficiency significantly. And, finally, BidSC gives large and small financial institutions an even shot at state funds so that they can better serve their own communities around the state.

"It is my job to continually look for innovative ways to best serve the people of South Carolina, and BidSC is a slam dunk," Patterson concluded. "We have initiated a new day in the world of public finance – our office is utilizing market forces and philosophies to cultivate higher returns for our citizens. Today, we’ve capitalized on new technology and market strategies to find a new $106,578.85 for South Carolina. BidSC is a huge step forward – look at the numbers. It all adds up."

The web site was built and the auction administered by MuniAuction.

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For more information contact:
David A. Adams, 803/734-0380