Comprehensive Annual Financial Report Fiscal Year Ended June 30, 2011 BASIC FINANCIAL STATEMENTS - Notes To Financial Statements - Note 27 Subsequent Events

State of Connecticut

Notes to the Financial Statements

June 30, 2011

Note 27 Subsequent Events

In July 2011, the Connecticut Health and Educational Authority issued $28.8 million of series 2011 State supported Child Care Revenue Bonds. The bonds will mature in 2029 and bear interest rates ranging from 1% to 5%.

In July 2011 the State remarketed its series 2005-A variable rate General Obligation Bonds as General Obligation SIFMA index bonds. At any time on or after March 1, 2015, the reoffered bonds may be converted to bear interest at a flexible rate, a fixed rate, a weekly rate or a new adjusted SIFMA rate, at which time the bonds will be subject to mandatory tender for purchase.

In November 2011 the State issued $550 million of General Obligation series D bonds that mature in 2031 and bear interest ranging from 1.5% to 5.0%

In November 2011 the State issued $150.8 million of General Obligation series E refunding bonds that mature in 2019 and bear interest ranging from 1.0% to 5.0%

In December 2011 the State issued $221.2 million of Special Obligation series A infrastructure bonds that mature in 2031 and bear interest rates ranging from 3.38% to 5.0%.

In December 2011 the State issued $233.8 million of Special Obligation series B infrastructure refunding bonds that mature in 2022 and bear interest rates ranging from 2.0% to 5.0%.

In December 2011 the Tax Exempt Proceeds Fund (TEPF), included with other investments under footnote 4, ceased operations as planned. The TEPF made payments of state-aid grants and loans to Municipalities, school districts and other organizations in the state. A more modern state-aid payment system was implemented on December 1, 2011. The new system integrates the electronic funds transfer capabilities of the Automated Clearing House (ACH) with the state-wide accounting system, known as CORE-CT. This new payment system is controlled by the Office of the State Comptroller.