In its first meeting of the year, the Connecticut State Bond Commission today will vote to allocate $3.64 billion of bonds, including $2 billion of pension obligation bonds for the state’s Teachers’ Retirement Fund.
Gov. M. Jodi Rell, who chairs the commission, sets the agenda for each meeting, which usually occurs once a month. She signed into law the authorization of $2 billion of pension bonds last August to help close a $6.9 billion shortfall in the Teachers’ Retirement Fund for the state.
While the law authorizes the bonds, the Bond Commission then votes on the allocation of those bonds. If approved today, Treasurer Denise Nappier’s office can issue these bonds, though her office did not indicate when the sale would occur.
Other items on the agenda include $635 million of general obligation bonds. Connecticut plans to have a GO bond sale this spring. Also scheduled to vote on today at the meeting is $307 million of GO bonds for school building projects.
The Bond Commission also plans to vote on $450 million of clean water fund revenue bonds. Connecticut’s Clean Water Fund provides financial support for the construction and improvement of municipal sewer system and sewage treatment plants. The commission will also vote on about $55 million of special tax obligation bonds for transportation infrastructure projects.
Last year, a number of commission meetings were canceled because the Democratic majority General Assembly and the Republican governor could not agree upon a bond package. In November, after months of debate, Rell signed into law a $4.1 billion biennial fiscal 2008-09 bond package.
