Missouri expects to save about $44 million this year by refinancing some of its debt at lower interest rates.
Two separate boards of state officials gave preliminary authorization this week to the bond refinancing.
That action had been anticipated for some time. Gov. Jay Nixon had proposed to refinance more than $500 million of bonds as part of the budget plan he outlined in January. Lawmakers also had calculated the savings into the budget for the 2013 fiscal year that began this past Sunday.
The Missouri Supreme Court has suspended a St. Louis attorney who previously pleaded guilty in federal court to funneling contributions to the Missouri Democratic Party in a scheme that involved a former governor.