June 30,1997
(Amounts in thousands unless otherwise stated)

Note 24

SUBSEQUENT EVENTS

In August, $260 million of general obligation bonds were issued, maturing at various dates through 2017 and having interest rates of 4.25% to 5.5%.

In September, $126.8 million of general obligation bonds were issued. These bonds were issued for the purpose of advance refunding and will mature at various dates through 2012, bearing interest rates of 4% to 5.5%

Also in September, the State issued $110 million of Special Obligation Clean Water Fund Revenue Bonds maturing at various dates through 2020 and having interest rates of 4.35% to 6%. Additionally, $24.2 million of general obligation bonds were issued in conjunction with Clean Water Revenue Bonds. These bonds mature at various dates through 2020 and bear interest rates of 5.081%.

In October, $215.4 million of special tax obligation bonds for transportation infrastructure programs were issued. These consisted of $150 million of serial bonds and $65.4 million of refunding serial bonds maturing on various dates through 2017 and bearing interest rates of 4% to 6%. The refunding bonds were used to advance refund of $63.7 million of bonds bearing interest rates of 6.1% to 6.6%.

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