June 30,1999

Note 23 Subsequent Events

In September, $18.7 million of bonds were issued by CHEFA for their child care facilities program maturing at various dates through 2029 and having interest rates of 4.1 percent to 5.625 percent. The State has committed to pay principal and interest on these bonds.

In November, $245 million of general obligation bonds were issued, maturing at various dates through 2019 and having interest rates of 3.7 percent to 5.875 percent. Additionally, $23.6 million, which had been reserved for debt retirement in the general fund, was used to defease $24.7 million of general obligation bonds.

In December, $150 million of special tax obligation bonds for transportation infrastructure programs were issued. These bonds mature on various dates through 2019 and bear interest rates of 4.1 percent to 6.0 percent. Additionally, $109.9 million from the reserve for debt retirement in the general fund was used to defease $107.4 million of general obligation bonds and $81.8 million, which had been reserved for debt retirement in the special transportation fund was used to defease $85 million of special tax obligation bonds.

In December, the State received its first payment of $45.8 million from the tobacco industry. This payment is the first of a stream of payments to be received by the State through 2025 as part of the court approved master settlement agreement between participating states and four major tobacco product manufacturers.

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