Treasury Short-Term Borrowings

General Fund Tax and Revenue Anticipation Notes (GTRAN)

On July 18, 2017, the Treasury issued $600 million in tax and revenue anticipation notes (GTRAN Series 2017A). The notes mature on June 27, 2018, 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 $23.35 million and the costs of issuance will be paid in part from the premium of $18.03 million received and investment earnings.

Education Tax and Revenue Anticipation Notes (ETRAN)

On July 20, 2017, the Treasury issued $290 million in notes (ETRAN Series 2017A) on behalf of the State of Colorado Education Loan Program to meet cash flow shortages experienced by local school districts.  The Series 2017A notes were issued at a premium of $8.78 million; and the interest due at maturity is $11.27 million.  The notes mature on June 28, 2018; 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