Connecticut has the worst-funded pension system in the country, maintaining its position from last year at the bottom of the list even as state pension payments continue to increase. The American Legislative Exchange Council released its annual study on state pension systems across country on Wednesday offering different measurements of ...
Connecticut Attorney General George Jepsen on Wednesday issued a formal opinion saying a mistake in a June bond sale covenant will not impact the state’s ability to borrow over the $1.9 billion bond cap.
When Connecticut issued bonds in June of 2018, the bond covenant said Connecticut would strictly adhere to its new $1.9 billion bonding cap until 2023 — with no changes to underlying statutes and no exceptions. However, language contradicts the legislature’s loosening of the bond cap in May of 2018, allowing ...
Connecticut’s bond commission just approved another $1 billion in general obligation bonds to be issued for schools, capital projects and tax credits to businesses, but beginning in 2018 the state will begin to issue a new type of bond. Included in the bipartisan budget package was a provision to issue new revenue bonds tied directly to Connecticut’s income tax, which the Treasurer’s office described as “stable and strong.”