Notes to the Financial Statements
June 30, 2014
Note 27 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 2014, the State issued $510.6 million of General Obligation bonds. A supplement to the original offering was issued on August 25, 2014 which discussed the onset of a federal review of Medicaid reimbursements for a variety of programs and services provided by the departments of Social Services, Developmental Services and Mental Health and Addiction Services. The official offering includes series A -$200.0 million taxable bonds maturing 2024 bearing interest rates ranging from .025 percent to 3.1 percent, series E -$300.0 million nontaxable bonds maturing in 2034 bearing interest rates ranging from 2.0 percent to 4.0 percent and series B - $10.6 million taxable refunding bonds maturing in 2027 that bear an interest rate of 3.5 percent which will defease other bonds issued at a higher cost.
In August 2014, The State of Connecticut Health and Educational Facilities Authority issued $21.2 million in Revenue Refunding Bonds. The proceeds of the bonds will be used to refund $22.0 million revenue bonds of the Authority issued at a higher cost on behalf of the State University System. The bonds will mature in 2030 and bear interest rates ranging from 2.0 percent to 4.0 percent. Certain fee receipts of the University System secure the payments on the obligation.
In October 2014, the State issued $731.5 million of Special Tax Obligation Transportation Infrastructure bonds. The offering includes $600 million of series A which will mature in 2034 bearing interest rates ranging from 2.0 percent to 5.0 percent and $131.5 million of series B refunding bonds maturing in 2025 bearing interest rates ranging from 3.0 percent to 5.0 percent that will defease other bonds issued at a higher cost.
In December 2014, the State issued $556.6 million of General Obligation bonds. The offering includes $240 million of series F which mature in 2034 bearing interest rates ranging from 1.5 percent to 5.0 percent, $60.0 million of “Green” series G which mature in 2031 bearing interest rates ranging from 3.25 percent to 5.00 percent and $256.6 million series H refunding bonds which mature in 2025 bearing interest rates ranging from 3.0 percent to 5.0 percent that will defease other bonds issued at a higher cost.
In December 2014, the State issued $61.6 million of General Obligation Refunding Economic Recovery Notes. The notes mature in 2018 and bear variable interest rates ranging from the adjusted SIFMA rate plus 4 basis points to the adjusted SIFMA rate plus 35 basis points. The notes that will defease other notes issued at a higher cost.