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Treasury Short-Term Borrowings


General Fund Tax and Revenue Anticipation Notes (GTRAN)


On July 23, 2015, the Treasury issued $600 million in tax and revenue anticipation notes (GTRAN Series 2015A). The notes mature on June 28, 2016, 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 $9.3 million and the costs of issuance are paid from the premium of $7.7 million received and investment earnings.


Education Tax and Revenue Anticipation Notes (ETRAN)


On July 21, 2015, the Treasury issued $165 million in notes (Series 2015A) on behalf of the State of Colorado Education Loan Program to meet cash flow shortages experienced by local school districts.  The Series 2015A notes were issued at a premium of $1.9 million; and the interest due at maturity is $2.4 million.  These notes mature on June 29, 2016; 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:

  • SP-1+ from Standard and Poors, the agency's highest rating
  • MIG1  from Moody's, the agency's highest rating