“It’s about the state’s cash position.
Candelora reiterated concerns, which he has been voicing for months, about the state’s decision in 2009 to issue $580 million in Bond Anticipation Notes, or short terms bonds. The BANs were issued in 2009 with favorable interest rates of 0.47 percent and 1.15 percent, along with $1.135 billion in general obligation bonds, to address the states sharp drop in revenue.
The short term bonds were issued to enhance the states cash position, state Treasurer Denise Nappier said Tuesday.”
These are excerpts from a story originally covered by CT News Junkie.