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.
|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|
(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 2017 preliminary personal income data.
|End of Fiscal Year||Principal Amount of Outstanding GRF Debt||Outstanding GRF Debt Per Capita||Outstanding GRF Debt As % of Annual Personal Income|
(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 2018 Census population estimate.
(c) Based on 2017 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)
|Dated Date||Outstanding||Purpose/Series||Rate Period||Final Maturity|
|3/20/2003||$9,930,000||Infrastructure Refunding, 2003D||Weekly||2/1/2019|
|12/15/2003||$67,000,000||Common Schools, 2003D||Weekly||3/15/2024|
|3/3/2004||$39,660,000||Infrastructure Refunding, 2004A||Weekly||2/1/2023|
|4/1/2005||$82,350,000||Common Schools, 2005A/B||Weekly||3/15/2025|
|6/7/2006||$95,220,000||Common Schools, 2006B/C||Weekly||6/15/2026|
|10/26/2016||$64,620,000||DRC Prison Facilities 2016B/C||Weekly||10/1/2036|
|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||$39,660,000||Infrastructure 2004A Refunding||3.51%||LIBOR 2||Wells Fargo||3/3/2004||2/1/2023|
|3/15/2007||$82,350,000||Common Schools 2005A/B||3.75%||LIBOR 2,3||JP Morgan||3/15/2007||3/15/2025|
|6/15/2006||$95,220,000||Common Schools 2006B/C||3.20%||LIBOR 2||US Bank/ RBC||6/15/2006||6/15/2026|
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.