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State Debt Profile

 

The following tables provide certain historical information and comparisons regarding debt outstanding and debt service. These tables reflect only then outstanding general and special obligation debt payable from the state’s GRF.

State Debt Burden - GRF Debt Service
End of Fiscal Year GRF Debt Service Payments Total GRF Revenue and Net State Lottery Proceeds Debt Service as % of GRF Revenue and Lottery Proceeds Debt Service as % of Annual Personal Income
1985 316,122,379 8,794,377,605 3.59 0.21
1990 488,676,826 12,230,681,298 4.00 0.24
1995 658,538,830 16,367,015,326 4.02 0.26
2000 871,313,814 20,711,678,217 4.21 0.27
2005 1,097,841,930 26,195,613,500 4.19 0.29
2010 710,284,236 (a) 24,108,466,124 (b) 2.95 0.17
2011 755,023,015 (a) 26,777,133,000 (b) 2.82 0.17
2012 692,776,090 (a) 27,956,513,000 2.48 0.15
2013 1,204,775,869 30,361,815,000 3.97 0.26  
2014 1,237,701,225 30,137,140,000 4.11 0.25  
2015 1,278,258,664 32,463,100,000 3.94 0.25  
2016 1,314,513,346 34,997,700,000 3.76 0.25 (c)
2017 1,328,276,711 35,218,700,000 3.77 0.26 (c)

(a) Reflects the restructuring of certain GRF debt service payments into later fiscal years.
(b) Excludes federal funds from the American Recovery and Reinvestment Act of 2009.
(c) Based on 2016 personal income data.

 


 

State Debt Burden - Outstanding GRF Debt
End of Fiscal Year Principal Amount of Outstanding GRF Debt Outstanding GRF Debt Per Capita Outstanding GRF Debt As % of Annual Personal Income
1985 2,664,050,000 248 1.76
1990 3,707,054,994 342 1.83
1995 5,049,962,637 453 1.99
2000 6,308,680,025 556 1.95
2005 8,476,432,135 740 2.27
2010 8,586,655,636 (a) 744 2.05
2011 8,996,752,848 (a) 779 2.01
2012 9,760,505,915 845 2.10
2013 9,263,358,266 800   1.97  
2014 9,517,346,998 821   1.95  
2015 9,354,508,600 805   1.85  
2016 9,271,400,000 798 (b) 1.78 (c)
2017 9,450,790,000 814 (b) 1.81 (c)

(a) Reflects the use of Buckeye Tobacco Bond proceeds in place of GRF-backed debt to fund the State's share of K-12 and higher education school facilities
(b) Based on July 2016 Census population estimate.
(c) Based on preliminary 2016 personal income data.

 


 

The following tables provide certain information regarding variable rate debt and floating-to-fixed interest rate swap agreements to which the State is a party. Additional information regarding Interest Rate Swaps may be found in Schedules for Derivatives Arising from Interest Rate Swaps (GASB Statement No.53) (PDF)

Variable Rate Debt
Dated Date Outstanding Purpose/Series Rate Period Final Maturity
11/29/2001 $34,800,000 Infrastructure, 2001B Weekly 8/1/2021
2/26/2003 $0 Infrastructure Refunding, 2003B Weekly 8/1/2017
3/20/2003 $19,560,000 Infrastructure Refunding, 2003D Weekly 2/1/2019
12/15/2003 $67,000,000 Common Schools, 2003D Weekly 3/15/2024
3/3/2004 $46,755,000 Infrastructure Refunding, 2004A Weekly 2/1/2023
4/1/2005 $92,650,000 Common Schools, 2005A/B Weekly 3/15/2025
6/7/2006 $105,270,000 Common Schools, 2006B/C Weekly 6/15/2026
10/26/2016 $64,620,000 DRC Prison Facilities 2016B/C Weekly 10/1/2036
Total $430,655,000      

 

Interest Rate Swaps
Effective
Date
Outstanding Notional Amount Related Bond Series State Pays State Receives Counterparty Effective Date Termination Date
11/29/2001 $34,800,000 Infrastructure 2001B 4.63% SIFMA 1 JP Morgan/ Wells Fargo 11/29/2001 8/1/2021
9/14/2007 $67,000,000 Common Schools 2003D 3.41% LIBOR 2 JP Morgan/ Wells Fargo 9/14/2007 3/15/2024
3/3/2004 $46,755,000 Infrastructure 2004A Refunding 3.51% LIBOR 2 Wells Fargo 3/3/2004 2/1/2023
3/15/2007 $92,650,000 Common Schools 2005A/B 3.75% LIBOR 2,3 JP Morgan 3/15/2007 3/15/2025
6/15/2006 $105,270,000 Common Schools 2006B/C 3.20% LIBOR 2 US Bank/ RBC 6/15/2006 6/15/2026
Total $346,475,000            

1 Securities Industry and Financial Markets Association (SIFMA) weekly variable rate index.
2 Variable interest rate based on a percentage of one-month London Inter-Bank Offered Rate (LIBOR) plus a fixed increment.
3 Variable interest rate based on 62% of 10-year LIBOR beginning September 15, 2014.

 

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