The Connecticut Health and Educational Facilities Authority on Tuesday plans to competitively sell $47.8 million of Connecticut State University System revenue refunding bonds, Series L.

Public Financial Management Corp. is the financial advisor. Day Pitney LLP is bond counsel.

The bonds are special obligations of the authority, payable from loan repayments by the university system.

According to an authority official, the issuance is fixed rate, tax-exempt, and uninsured. In addition, no swaps are involved.

The borrower’s outstanding debt is $284.5 million.

Proceeds will refund outstanding bonds for net present-value savings of $5 million, according to Moody’s Investors Service, which assigned a Aa3.

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