Notes to the Financial Statements
June 30, 2015
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 2015, the State issued $500 million of General Obligation bonds. The bonds were issued for housing, economic development as well as for other State purposes. The official offering includes 2015 series E $250.0 million nontaxable bonds maturing in 2035 bearing interest rates ranging from 4.0 to 5.0 percent and series B $250.0 million taxable bonds maturing in 2025 bearing interest rates ranging from 1.0 to 3.33 percent.
In October 2015, the State issued $839.8 million of Special Tax Obligation Transportation Infrastructure bonds. The offering includes $700 million of series A which will mature in 2035 bearing interest rates ranging from 3.0 percent to 5.0 percent and $139.8 million of series B refunding bonds maturing in 2027 bearing interest rates ranging from 2.0 to 5.0 percent that will defease other bonds issued at a higher cost.
In December 2015, the State issued $650.0 million of General Obligation bonds. The offering includes $585.0 million of series F, for school construction and other State purposes, which mature in 2034 bearing interest rates ranging from 2.0 to 5.0 percent, and $65.0 million series G "Green Bonds", for water pollution control purposes, which mature in 2035 bearing interest rates ranging from 2.0 to 5.0 percent.
In August 2015 and December 2015, the Connecticut Housing Finance Authority (CHFA)
issued Housing Mortgage Finance Program bonds consisting of $160.0 million of
series C and $30.1 million of series E bonds respectively, to finance home
mortgage loans. Additionally, in May 2015 and in November 2015, CHFA privately
placed $35.0 million series B and $75.0 million of series D Housing Mortgage
Finance Program refunding bonds with the Federal Home Loan Bank of Dallas. These
events occurred after CHFA's fiscal year end of December 31, 2014. In February
2015 CHFA issued $150.0 million series A Housing Mortgage Finance Program bonds,
the State added this debt to CHFA'
s financial statements for fiscal year ending
December, 2014.