General Fund Tax and Revenue Anticipation Notes (GTRAN)
On July 22, 2014, the Treasury issued $500 million in tax and revenue anticipation notes (GTRAN Series 2014A). The notes mature on June 26, 2015, and so are repaid entirely within the same fiscal year. These borrowings are done to even out cash flow for the state. Due to irregular flows of revenues, this financing provides funds to meet the state's liquidity need throughout the year. The interest on the notes of $8.35 million and the costs of issuance are paid from the premium of $7.8 million received and investment earnings.
Education Tax and Revenue Anticipation Notes (ETRAN)
On July 15, 2014, the Treasury issued $165 million in notes (Series 2014A) and on January 5, 2015, issued $245 million in notes (Series 2014B) on behalf of the State of Colorado Education Loan Program to meet cash flow shortages experienced by local school districts. The Series 2014A notes were issued at a premium of $1.4 million; and the interest due at maturity is $1.6 million. The Series 2014B notes were issued at a premium of $2.0 million; and the interest due at maturity is $2.1 million. These notes mature on June 29, 2015; and by statute, the interest is payable from the General Fund.
Read a copy of the offering's Official Statement here.
The GTRAN and ETRAN received the following ratings: