The New Mexico Department of Transportation announced last week it refinanced bond debt to save millions of taxpayer dollars and allow for additional funding to go toward vital transportation projects around the state.

NMDOT says it has saved almost $33 million by refinancing bond debt at lower interest costs, allowing the department to target that money toward roadway projects during the next four years. This was made possible after Standard & Poor's upgraded the department's bond rating to AAA due to its strong financial management and its ability to show strong debt coverage to support the bonds.

"We are committed to improving our financial situation and returning as many resources back to our critical highway infrastructure by reducing costs where we can," said Interim NMDOT Secretary Tom Church in a statement.

NMDOT changed from its average interest rate of just over 5 percent to a much lower 1.83 percent. ​​​