The State's Credit Fundamentals Continue to Improve
•
$Billions
1.0
0.5
0.0
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
◆ 2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
Average life of all outstanding GO Bonds is approximately nine years.
General Obligation Debt Service¹
Current Par Outstanding
Debt service declines
Bill Backlog Bonds
$5.5 billion
4.5
4.0
3.5
3.0
2.5
2.0
1.5
in FY2020 by
approximately $1
billion after the final
2011 pension notes are
paid off in March
2019
Capital Improvement and
Refunding Bonds
$13.3 billion
Pension Bonds
Total
$9.0 billion
$27.8 billion
General Obligation Bond Overview
• General Obligation bonds are backed by the full faith and credit of the State.
⚫ There is a continuing appropriation in place to ensure bond repayment without action by the General
Assembly.
GOBRI is a separate fund in the Treasury that is dedicated to the payment of debt service on GO bonds and
short-term debt.
Segregation of funds for debt service begins 12 months in advance for principal payments and 6 months in
advance for interest payments.
• As of September 2018, all of the State's outstanding debt is fixed rate, with no variable rate debt or interest
rate swap agreements.
100%
Fixed
Rate
2041
2042
2043
24
1. As of March 2019
AL OF THE STAT
AUG. 26 1818
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