For Immediate Release
Saturday, 13 November 1999
TREASURER HAS DONE IT, AGAIN
Better than Expected Sale Benefits Citizens and State
Columbia, SC – State Treasurer Grady L. Patterson, Jr., today announced the preliminary results of the 1999 State Mini-Bond sale that ended on Tuesday, November 9th. The Treasurer’s Office made $25 million in bonds available to citizens in increments as small as $200.00. The program was offered for only the fourth time in history.
"This year’s mini-bond sale was a huge success," an elated Mr. Patterson said. "We sold 84.1% of the bonds authorized, which is over $21,000,000.00. We raised money for capital projects around the state while giving people the chance to buy a little piece of South Carolina. This was a great opportunity for folks to save for the future, and diversify their holdings in a safe, tax-free environment – and, they took advantage of that opportunity in large numbers."
Treasurer Patterson conceived the idea for mini-bonds long ago. He shepherded the program through the legislature that allowed for the first mini-bond issue in 1994. "Big companies have the chance to buy bonds from the state all the time," he said. "I wanted the hard-working people of South Carolina to benefit, too. So, we came up with a mini-bond program where folks could purchase them for a small amount."
"This is Mr. Patterson’s concept," said David Adams, Information Director. "These results are incredible when accounting for current market conditions. He’s worked tirelessly to make this a success. After more than thirty years of successful and effective service to South Carolina, people trust his decisions, and his programs. All you have to do is look at the numbers."
In 1994, Mr. Patterson’s first mini-bond issue generated over $24 million. Two more mini-bond issues took place in 1995 and 1997, and garnered $10.9 million and $13.4 million, respectively. All of the mini-bond issues were for $25 million.
There were almost 2,600 mini-bond orders. The largest order was for $400,000.00, and many orders came in for $200.00 and $500.00 bonds. It has not been determined when the next mini-bond sale will take place.
"Twenty-one million dollars is a great result. I am so happy for everyone," Mr.
Patterson concluded. "We have helped the state, and our citizens. There are a lot of people out there who have been able to save for their children’s college, or their own retirement, in a safe tax-free environment."
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For more information contact:
David A. Adams, 803/734-0380