BOSTON — Pennsylvania's Commonwealth Financing Authority and the Office of the Budget have canceled a $198.7 million sale of Series 2014 CFA revenue bonds that had been planned for Dec. 19, saying the audited financial data to be reported in the commonwealth's Comprehensive Annual Financial Report for fiscal 2014 is not yet available.
The commonwealth had expected to have its CAFR completed and published before the scheduled closing date for the CFA bond sale, but officials do not expect completion and publication of the CAFR by then, Jay Pagni, press secretary to Gov. Tom Corbett and state budget Director Charles Zogby, said late Thursday.
The terms of the bond purchase agreement between the CFA and PNC Capital Markets LLC required delivery of a complete, final official statement by the end of Thursday. Zogby expects completion of the CAFR by Dec. 31, Pagni said, after which the CFA expects to undertake a new offering.
The CFA was established as an independent agency of the commonwealth to administer Pennsylvania's economic stimulus packages. The CFA holds fiduciary responsibility over the funding of programs and investments in Pennsylvania's economic growth.
Its seven-member board includes Zogby; Community and Economic Secretary C. Alan Walker; and Banking and Securities Secretary Glenn Moyer.
