Notes to the Financial Statements
June 30, 2016
Note 26 Subsequent Events
In preparing these financial statements, the State has evaluated events and transactions for potential recognition or disclosure in the footnotes. The effect of this evaluation led the State to report the following events which took place after the State’s fiscal year end date through to the date these financial statements were issued.
In August 2016, the State issued $500 million of General Obligation bonds. The bonds were issued for Community Conservation Development as well as for other State purposes. The official offering includes $250.0 million 2016 series D nontaxable bonds maturing 2036 bearing interest rates ranging from 3.0 to 5.0 percent and $250.0 million series A taxable bonds maturing in 2026 bearing interest rates ranging from 1.0 to 2.6 percent.
In September 2016, the State issued $868.3 million of Special Tax Obligation Transportation Infrastructure bonds. The offering includes $800 million of series A which will mature in 2036 bearing interest rates ranging from 3.0 percent to 5.0 percent and $68.3 million of series B refunding bonds maturing in 2028 bearing interest rates ranging from 2.0 percent to 5.0 percent that defeased $75.6 million of other bonds issued at a higher cost.
In October 2016, the State issued $650.0 million of general Obligation bonds. The offering includes $585.0 million of series E, for school construction and other State purposes, which mature in 2036 bearing interest rates ranging from 2.0 percent to 5.0 percent, and $65.0 million series F "Green Bonds", for water pollution control purposes, which mature in 2031 bearing interest rates ranging from 4.0 percent to 5.0 percent.
In December 2016, the State issued $327.4 million of general obligation refunding bonds to defease $348.7 million of other bond by their redemption dates. The bonds mature in 2023 bearing interest rates ranging from 2.0 to 5.0 percent.
In July 2016 and November 2016, the Connecticut Health and Educational Facilities Authority (CHEFA) issued revenue bonds consisting of $35.0 million of series A, $110.0 million of series F, $5.8 million of series G and $47.6 million of series K bonds respectively, to finance various Connecticut based facility improvements. Additionally, in September 2016, CHEFA issued $40.7 million series L-1 tax-exempt and $12.9 million of series L-2 federally taxable revenue bonds on behalf of Connecticut Community Colleges. In September CHEFA issued $55.0 million of series P-1 revenue bonds on behalf of the State University System. Finally, in September 2016 CHEFA issued $19.5 million series P-2 Revenue refunding bonds together with $11.0 of other available funds, to refund $30.7 million of bonds series G and F on the call date.
In the months of July, August, May, November and December of calendar 2016, the Connecticut Housing Finance authority (CHFA) issued Housing Mortgage Finance Program bonds consisting of $86.0 million of series C; $185.0 million of series E; $149.0 million of series B; $220.9 million of series F; and $37.4 series 18, 19, 20 and 21; respectively to finance home mortgage loans. Additionally, in March of 2016, CHFA issued $185.0 million of series A and A-3 demand bonds whereupon the authority entered into Stand-By Bond Purchase and Remarketing Agreements with the Royal Bank of Canada. More information concerning these transactions can be obtained from separately issued financial statements published by CHFA having a fiscal year end of December 31, 2015.