GTRAN & ETRAN
Treasury Short-Term Borrowings
General Fund Tax and Revenue Anticipation Notes (GTRAN)
On July 26, 2016, the Treasury issued $600 million in tax and revenue anticipation notes (GTRAN Series 2016A). The notes mature on June 27, 2017, 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 $11.95 million and the costs of issuance will be paid in part from the premium of $8.60 million received and investment earnings.
Education Tax and Revenue Anticipation Notes (ETRAN)
On July 21, 2016, the Treasury issued $275 million in notes (ETRAN Series 2016A) on behalf of the State of Colorado Education Loan Program to meet cash flow shortages experienced by local school districts. The Series 2016A notes were issued at a premium of $6.43 million; and the interest due at maturity is $7.98 million.
On January 12, 2017, the Treasury issued $375 million in notes (ETRAN Series 2016B). The Series 2016B notes were issued at a premium of $5.31 million; and the interest due at maturity is $6.84 million.
Both notes mature on June 29, 2017; and by statute, the interest is payable from the General Fund.
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