Notes to the Financial Statements

June 30, 2012

Note 27 Subsequent Events

Effective on July 1, 2012, Public act 12-1 sections 147 and 189 transferred all operations of the Connecticut Development Authority (CDA) to Connecticut Innovations Incorporated (CII), a quasi-public agency of the State of Connecticut.

Effective on July 1, 2012, Public act 12-149 combined the Connecticut Higher Education Supplemental Loan Authority (CHESLA) and made it a subsidiary of the Connecticut Health and Educational Facilities Authority CHEFA).

Effective on July 1, 2012, the General Assembly renamed the Capital City Economic Development Authority (CCEDA) to be hence forth known as the Capital Region Development Authority (CRDA) and expanded the powers of the renamed authority to allow it to collect certain payments in lieu of taxes.

In September 2012, the State issued $280.1 million of General Obligation bonds. The bonds will mature in 2032 and bear interest rates ranging from 2.0 percent to 5.0 percent.

In September 2012, the State issued $69.8 million of General Obligation refunding bonds. The bonds will mature in years 2013 through 2015 and bear interest rates ranging from 1.0 percent and 4.0 percent

In September 2012, the State issued $219.9 million of General Obligation SIFMA index bonds. The bonds will mature in 2024 and bear variable interest rates ranging from 2 to 65 basis points below the SIFMA index rate.

In November 2012, the State issued $175.2 million of General Obligation bonds. The bonds will mature in 2032 and bear interest rates ranging from 1.5 percent to 5.0 percent.

In November 2012, the State issued $224.8 million of Taxable General Obligation bonds. The bonds will mature in 2022 and bear interest rates ranging from .46 percent to 2.6 percent.

In December 2012, the Connecticut Health and Educational Facilities Authority (a component unit of the State of Connecticut) issued $34.1 million of Revenue Bonds on behalf of the Connecticut State University system. The bonds will mature in years 2013 through 2032 and bear interest rates ranging from 3.0 percent to 5.0 percent.

In December 2012, the State issued $502.3 million of Special Tax Obligation Transportation Infrastructure bonds. The bonds will mature in years 2014 through 2033 and bear interest rates ranging from 2.0 percent to 5.0 percent.

In December 2012, the State issued $125.1 million of Special Tax Obligation refunding bonds. The bonds will mature in years 2013 through 2025 and bear an interest rate of 5.0 percent.