State Treasurer Joseph D. Malone said last week that by reforming the state's bond practices, he has saved taxpayers more than $290,000 a year.
Malone said that changing the way the state pays for printing and legal costs are the main reasons for the savings.
Calling the practices under former Treasurer Robert Q. Crane "an insult to the taxpayers," Malone blamed mismanagement for the high costs associated with debt issuance during the Crane Administration.
In 1993, Malone said, his office paid $165,000 for legal fees associated with bond work during the calendar year. In 1990, Crane's last year as treasurer, the state paid almost $460,000, according to the current treasurer.
For printing work in 1993, the state paid $28,000 compared to $162,000 in 1990, Malone said.
During 1990, the state's debt issuance was $3.8 billion compared to $3.2 billion in 1993.
"I'm extremely proud of my office's record in reducing costs by selling bonds in a highly efficient and cost-effective manner," said Malone. "We have vastly improved our standing so that we are now one of the most effective issuers in the country."
Malone, a Republican, is running for re-election against state Sen. Shannon O'Brien, D-Easthampton.
