ACT 37 COVID-19 DEBT COST REDUCTION REVIEW
OCTOBER 2020
October 31, 2020
Dear Honorable Governor Wolf and Members of the Pennsylvania General Assembly:
I am pleased to present Pennsylvania Treasury’s COVID-19 Debt Cost Reduction Review for your review and consideration. The report was produced pursuant to Act 37 of 2020, which directed Treasury with the task of providing an analysis of the debt obligations of Commonwealth authorities and related entities and identifying refinancing opportunities that may provide savings. The attached report includes a thorough overview of the recent history of debt utilization in the Commonwealth, an entity-by-entity analysis that both summarizes current debt holdings and identifies refinancing recommendations where appropriate, and a general assessment of Pennsylvania’s fiscal condition – taking into consideration both best practices for state financial management and our performance relative to peer states and 50-state medians.
To start, I wish to thank the General Assembly and the Governor for entrusting Treasury with the preparation of this report. Concerns regarding debt management are always prudent, even under ordinary economic conditions. Additionally, I would like to acknowledge Phoenix Capital Partners for their invaluable work on the debt analysis portions of the report, as well as Pew and Mercatus for their insights on how the Commonwealth can both improve its credit rating and position itself to better withstand future economic shocks. The cooperation and insight provided by the Governor’s Budget Office and the Department of General Services was particularly helpful in analyzing the Commonwealth’s use of General Obligation debt.
Treasury reviewed over 30 different Commonwealth authorities and related entities that either issue or hold debt, in the process identifying possible opportunities for some of those entities to refinance their debt obligations. Included in this report is a total of seven separate refinancing opportunities to refund approximately $2.4 billion in outstanding bonds which, if pursued under favorable market conditions, could potentially reduce costs by as much as $179.5 million in present value savings.
In addition to identification of cost-saving opportunities, Treasury has also included recommendations the General Assembly could consider to both improve our ability to manage debt and increase the likelihood of a credit rating enhancement. Regular debt refinancing is an important action and can yield significant reductions in debt service costs. However, credit rating improvements offer more sustainable and predictable, year-over-year reductions in borrowing costs.
While it is clear that this report was written against the backdrop of the COVID-19 economic crisis and the fiscal challenges presented by COVID-19 are themselves unique, it is my hope that this report can be used as an opportunity to begin a more general discussion aimed at addressing the underlying financial challenges facing the Commonwealth. I commend the General Assembly’s search for innovative solutions. Your willingness to thoughtfully review the state’s financial obligations, as well as your openness to suggestions for possible improvement, bode well for our ability to use this current economic crisis as a springboard to a more stable economic and fiscal future for Pennsylvania.
These times necessitate a productive discussion on debt management, debt affordability and the overall fiscal health of our Commonwealth. As always, I look forward to being a committed participant in those conversations.
Sincerely,
Joseph M. Torsella State Treasurer
TABLE OF CONTENTS
Chapter 1 – Introduction I. Introduction Page 01 II. Scope Page 03 III. Current Credit Outlook Page 03
Chapter 2 – Background I. Legislative Mandate Page 07 II. Identification Process Page 08 III. List of Entities Page 09
Chapter 3 – Overview of General Obligation Bond Debt in the Commonwealth I. Commonwealth Debt Page 13 II. Capital Project Debt Page 14
Chapter 4 – Overview of Short Term Tax Anticipation Debt in the Commonwealth I. Tax Anticipation Note Page 17 II. Short Term Investment Pool (STIP) Page 19 III. STIP Line of Credit Page 19 IV. Recent History of the STIP Line of Credit Page 21 V. Note on the Realignment of Federal Payments Page 23
Chapter 5 – Annual Short and Long Term Debt Supported by State Revenues Page 27
Chapter 6 – Obligation Profiles Page 31
Chapter 7 – Total Debt Obligations I. Debt Outstanding: Measuring Pennsylvania’s Total Debt Burden Page 111 II. Metrics Page 112
Chapter 8 – Debt Affordability I. Pennsylvania Debt Limit/Constraints Page 119 II. Factors Affecting State General Obligation Bond Ratings from Ratings Agencies Page 120 III. Ratings Agency Assessments of Pennsylvania Page 121 IV. Pennsylvania’s Fiscal Strengths and Challenges Page 122 TABLE OF CONTENTS (CONTINUED)
Chapter 9 – Fiscal Flexibility I. What is Fiscal Flexibility, and Why Does It Matter? Page 127 II. Pennsylvania’s Fixed Costs Page 127 III. Pensions Page 128 IV. Rainy Day Fund Page 129 V. Consolidated State and Local Debt Metrics Page 130
Chapter 10 – Policy Recommendations Page 133
Chapter 11 – Glossary Page 137
Appendix Page 141
ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 1 – Introduction
Joseph M. Torsella, Pennsylvania State Treasurer
I. Introduction
The ability to borrow, to access needed capital to fund immediate priorities, is an essential financial tool of any governmental body. Since its early colonial history, Pennsylvania has issued debt to fund such things as frontier outposts, needed militia supplies, early road construction and new public buildings. As a state, the Commonwealth’s practice of issuing tax 1841 PA Revenue Anticipation Note anticipation notes and other forms of general obligation debt continues and has been the preferred means to provide new schools, highways, airports, water and sewer facilities, prisons, court houses and most all other public improvements. Debt is neither a new nor novel practice for Pennsylvania; rather, it is a well-established method by which immediate public needs are funded through short- or long- term borrowing.
Throughout the past several legislative sessions, a growing proportion of Pennsylvania General Assembly members have shown interest in measuring the total breadth of debt holdings of the Commonwealth and Commonwealth-related entities. Institutionally, Pennsylvania Treasury’s view has long been that debt is neither inherently positive nor negative, but neutral: when deployed with care and for the right purposes, debt can provide returns for the Commonwealth over the long-run that would otherwise be left on the table, and when deployed badly and for the wrong ends, can worsen fiscal challenges. However, in all cases we acknowledge the benefit of taking stock of the Commonwealth’s entire debt load and presenting it in a clear and objective manner. The primary aim of this report is to provide an unbiased depiction of the total level of debt in the Commonwealth and identify possible opportunities for debt refinance. While the debt burden of the Commonwealth is subject to routine calculation and recalculation, to our knowledge, this report marks the first modern comprehensive analysis that attempts to capture the full scope of debt issuing Commonwealth entities.
Each fiscal year, Treasury receives an appropriation to pay debt service on all anticipated outstanding Commonwealth debt. Statistics on the level of General Obligation (GO) Bond debt have been publicly available on the Treasury website since the Treasury Transparency Portal was launched in 2017 (https://patreasury.gov/transparency/index.php), and the level of detail provided and user functionality has increased in subsequent upgrades. Other types of debt information necessary for analysis in this report were not readily available to Treasury prior to the passage of Act 37. 1 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 1 - Introduction
This report should be considered in the context provided by the COVID-19 pandemic and resulting economic recession. Indeed, the formal title for this report is the “COVID-19 Debt Cost Reduction Review.” At the time of writing, Pennsylvania, like many states, is struggling to recover from a downturn similar in scale to the 2008-2009 Global Financial Crisis. The current statewide unemployment rate is slightly above 8%.1 Declines in revenue have been severe, particularly towards the end of the 2019-2020 fiscal year, with April, May, and June revenues below projections by 49.7 percent,2 17.3 percent,3 and 17.8 percent,4 respectively. Decreased revenue collections have caused S&P Global Ratings, in their recent evaluation of Pennsylvania, to estimate that the Commonwealth may need to borrow $4.5 billion of additional liquidity between internal and external sources to cover gaps in revenue during fiscal year 2020-2021 – a figure representing 13.2% of General Fund expenditures.5
At the time that this report is released, Treasury – in coordination with the Office of the Budget and the Office of the Auditor General – will have just days prior executed an agreement to access a private bank line of credit in conjunction with the Treasury Short Term Investment Pool (STIP) Line of Credit to help maintain expenditures of the Commonwealth through the end of the fiscal year. In Pennsylvania, as around the country, the COVID-19 pandemic has created historically unique pressures on state finances that require creative approaches, including new borrowing, to avoid worsening economic conditions. While long-term borrowing could grant a measure of reprieve from this economic downturn, and ensures continuity of essential government services, there remains a long road to recovery. It is important that any new borrowing seek to improve underlying fiscal challenges, apart from COVID-19, rather than simply defer them.
This report is an attempt to identify and explain the various sources of public debt issued by Commonwealth agencies, account for existing debt liabilities and list possible refinancing opportunities. Each type of public debt is described, along with associated statutory and state constitutional limitations. Illustrative of the importance of prudently managing borrowing obligations and to ensure future access to capital markets, our state constitution selects the repayment of borrowing principal and interest as the foremost of all spending priorities – going so far as to mandate the state Treasurer repay any Commonwealth obligation, even in the absence of a legislative appropriation.6
The beginning sections (chapters 3-5) of this report will examine General Obligation bond debt, Tax Anticipation bond debt, and an overview of current annual short- and long-term debt service supported by state revenue. The primary analytical portion (chapter 6) of this report will focus on an entity-by-entity examination assessing outstanding debt obligations and levels of risk, with identification of potential refinancing opportunities for some entities. This report investigates some additional areas of concern that are clearly related to the statutory requirements and provide a more complete picture of Pennsylvania’s fiscal health.
(1) U.S. Bureau of Labor Statistics, “Economy at a Glance – Pennsylvania, September 2020” https://www.bls.gov/eag/eag.pa.htm#eag_pa.f.1. (2) PA Department of Revenue, “Revenue Department Releases April 2020 Collections.” (3) PA Department of Revenue, “Revenue Department Releases May 2020 Collections.” (4) PA Department of Revenue, “Revenue Department Releases Fiscal Year 2019-2020 Collections.” 2 (5) S&P Global Ratings Evaluation of Commonwealth of Pennsylvania; Appropriations; Gas Tax; General Obligation; Miscellaneous Tax; Moral Obligation; Tax Increment – 9/1/2020. (6) Pa. Const. art. VIII, §7(a)(4)(d). Joseph M. Torsella, Pennsylvania State Treasurer
This supplemental analysis (chapters 7-10) will consist of an assessment of Pennsylvania’s total debt relative to other states, an analysis of overall debt affordability, an assessment of the degree to which Pennsylvania can exercise fiscal flexibility, and recommendations on actionable next steps.
II. Scope
Pursuant to Act 37 of 2020, Treasury is tasked with providing the General Assembly a comprehensive report that provides the following information:
• Identification of the total bonded obligations of all “Commonwealth entities.”
• Refinancing recommendations for all outstanding bond obligations identified with the goal of reducing the aggregate cost of borrowing in the Commonwealth.
The following includes a full examination of General Fund General Obligation Bond Debt, as well as all other forms of short- and long-term debt service supported by state revenues. Commonwealth entities that have assumed debt and have pledged a portion of state revenue to the service on that debt are examined in detail. Only the obligations of the Commonwealth and certain Commonwealth-created Authorities are covered by this report. The obligations of Pennsylvania’s counties, municipalities, school districts and other locally created authorities and districts are not included in this report, nor are any entities that exist through compact with other states. Additionally, no evaluations of any kind of private borrowing not supported by state revenues are included in this report, such as corporate bonds or business loans.
This report does not include a systematic analysis of the Commonwealth’s current pension liability and other post-employment benefits (OPEB) liability. These do, however, represent a large proportion of the state’s total liability and should be considered in an examination of the overall fiscal health of the Commonwealth. As such, those liabilities are addressed in comparative analyses and recommendations for further review discussed towards the end of the report alongside other areas of concern regarding Pennsylvania’s fiscal health.
III. Current Credit Outlook
While the Commonwealth was taking important steps towards rehabilitating its credit rating prior to March 2020, including a transfer of $317 million to the Rainy Day Fund in July 2019, pandemic-induced revenue shortfalls combined with preexisting budgetary and structural deficiencies have further compromised the Commonwealth’s credit outlook. S&P Global Ratings recently revised its outlook to negative from stable on the Commonwealth of Pennsylvania’s general obligation (GO), appropriation-backed, and moral obligation debt outstanding.
3 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 1 - Introduction
This revised outlook represents a one-in-three chance that Pennsylvania’s overall credit rating could be reduced in the future.7 S&P notes that “The Commonwealth must confront substantial fiscal challenges in the wake of the COVID-19 pandemic that could deepen its structural imbalance in the face of steep revenue declines, significantly increased liquidity demands, and limited recourse in the near term.”
Despite challenges, S&P maintained that Pennsylvania’s debt profile as “moderate.” Pennsylvania’s overall tax-supported debt amortization as of fiscal year 2019 is average, relative to the nation, with 60.5% of principal to be retired in the next 10 years. Additionally, at the end of fiscal year 2019, Commonwealth debt per capita was $1,542 – 2.6% and 2.4% as a proportion of personal income and GSP, respectively.
S&P acknowledged the strides that Pennsylvania has made to address funding deficiencies in pension and OPEB liabilities. However, S&P holds that “significant additional funding” will be needed to support the pension systems and meet pension obligations to retirees. S&P considers Pennsylvania’s pension funding discipline to be relatively weak, estimating a funded ratio of 56.9% across all plans. Despite praising the Commonwealth for recent efforts to fully fund the Actuarially Determined Contribution (ADC), S&P still caveats, stating “while, in our view, funding the full ADC is a strength relative to other credits, Pennsylvania’s persistent structural imbalance demonstrates that the Commonwealth has not yet found a sustainable way to fund these costs.”
S&P expresses some reservations on aspects of the Commonwealth’s handling of OPEB liabilities, primarily the funding of these obligations on a pay-as-you-go basis. Despite these factors, the Commonwealth’s willingness to dedicate revenue towards pre-funding OPEB obligations combined with a history of benefit changes led S&P to rate OPEB liabilities as average, relative to the nation.
S&P Global Ratings assigned a score of “2.8” to Pennsylvania’s debt and liability profile, on a scale where “1.0” is the strongest and “4.0” the weakest.8
(7) While the cost of a one-step downgrade is difficult to estimate, as overall cost depends on the market environment and how Pennsylvania bonds are trading relative to AAA-rated municipal bonds, experts in the wake of Pennsylvania’s last credit downgrade estimated that increased borrowing costs due to the downgrade could be anywhere from $2.5 million to $5 million per $1 billion borrowed. (https://www. pennlive.com/politics/2017/09/so_whats_a_credit_downgrade_to.html) 4 (8) S&P Global Ratings Evaluation of Commonwealth of Pennsylvania; Appropriations; Gas Tax; General Obligation; Miscellaneous Tax; Moral Obligation; Tax Increment – 9/1/2020. ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 2 – Background
Joseph M. Torsella, Pennsylvania State Treasurer
I. Legislative Mandate
Treasury was entrusted to perform the COVID-19 Debt Cost Reduction Review pursuant to Act No. 37 of 2020 – passed unanimously by both chambers of the Pennsylvania General Assembly and signed into law by Governor Tom Wolf on June 30, 2020. The Act required Treasury to “identify and review all outstanding debt obligations of the Commonwealth and its authorities, commissions, agencies or boards and submit a report of the findings to the General Assembly no later than October 30, 2020.” Treasury was also tasked with identifying refinancing opportunities to lower the aggregate cost of borrowing for “Commonwealth entities.”
To assist in Treasury’s preparation of this report, Act 37 required all “Commonwealth entities” identified as authorizing the issuance of debt to submit information to Treasury. Each entity identified was obligated to submit the following information to Treasury for review:
(1) Total outstanding amount of all obligations.
(2) Most recent audited financial statement of the agency.
(3) Description of each obligation, identifying senior or subordinate debt and Federal tax treatment.
(4) Account of all security pledged for each obligation.
(5) Most recent rating associated with each debt obligation, including rate covenant and maturity date.
(6) List of all additional associated agency obligations or covenants.
(7) Annual debt service cost, debt service fund and debt service reserve fund for each debt obligation.
(8) Risk factors and disclosure statements associated with each debt obligation.
(9) Pending litigation that may financially impact the debt obligations of the agency.
Established as a joint-state compact between Pennsylvania and New Jersey, the Delaware River Port Authority (DRPA) is not a “Commonwealth entity” and therefore is not subject to the provisions of the act. However, the DRPA cooperated with Treasury’s inquiry in good faith and submitted their debt information for review. Additionally, several other entities possessed no outstanding debt yet still submitted other financial information to Treasury.
7 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 2 - Background
II. Identification Process
Treasury does not have direct access to any debt information save for General Fund General Obligation Debt. General Fund GO Debt statistics are published and updated regularly on the Treasury’s Transparency Portal. Act 37 did not explicitly list entities to be examined or otherwise establish a mechanism by which entities could be identified for inclusion in Treasury’s report. Treasury engaged in early discussions with the Independent Fiscal Office (IFO), the Governor’s Office of the Budget and the four legislative caucuses and Appropriations committees, afterwards discovering that no single clearinghouse existed for debt-holding entities in the Commonwealth. Consequently, Treasury constructed a database and identification method of our own to comply with the statute.
Treasury maintains a database of Commonwealth agencies that either currently submit, or in the past submitted, contract information. This list contains the majority of Commonwealth agencies and served as the basis for the Treasury Debt Report database. Using a combination of institutional knowledge within the Department and supplemental research assessing the scope of each entity’s financial activities, a narrower list was generated of all entities who were known to have an outstanding debt obligation or who potentially had the authority to issue debt, with greater emphasis placed on the former group.
Using this list, Treasury’s Office of Legislative Affairs conducted extensive outreach to contacts within each of these entities via both email and physical mailings. The initial correspondence was intended to inform each entity of the requirements of Act 37 and further refine our database by removing entities which demonstrated to Treasury that – at present – they possessed no outstanding debt obligations. Additional correspondence was sent via email to entities which did not respond to our initial inquiry.
The final list, prior to Treasury beginning any concerted or systematic analysis, was distributed to the following individuals/groups to check for validity:
• The original sponsor of the legislation (HB 2418) – State Representative Timothy O’Neal.
• Majority and Minority staff of the House Appropriations Committee and Senate Appropriations Committee.
• The Governor’s Budget Office.
8 Joseph M. Torsella, Pennsylvania State Treasurer
III. List of Entities
From the greater list of 100+ entities, the following list of entities were determined to either issue or hold debt:
Bucks County Community College
Butler County Community College
Commonwealth Financing Authority
Community College of Allegheny County
Community College of Philadelphia
Delaware County Community College
Delaware River Port Authority
Harrisburg Area Community College
Lehigh Carbon Community College
Luzerne County Community College
Montgomery County Community College
Northampton Community College
Office of the Budget
Pennsylvania State System of Higher Education
Pennsylvania Convention Center
Pennsylvania Economic Development Financing Authority
Pennsylvania Higher Education Assistance Agency
Pennsylvania Highlands Community College
Pennsylvania Housing Finance Agency
Pennsylvania Industrial Development Authority
Pennsylvania Infrastructure Investment Authority
Pennsylvania Turnpike Commission
Reading Area Community College
Sports and Exhibition Authority of Pittsburgh
Westmoreland County Community College
9 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 2 - Background
The following list of entities hold non-traditional outstanding debt obligations:
Center for Rural Pennsylvania Research Agreements
Department of General Services Guaranteed Energy Savings Act Projects
Department of Military and Veterans Affairs Guaranteed Energy Savings Act Projects
State Ethics Commission Lease Agreements
Thaddeus Stevens College of Technology Guaranteed Energy Savings Act Projects
10 ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 3 – Overview of General Obligation Bond Debt in the Commonwealth
Joseph M. Torsella, Pennsylvania State Treasurer
I. Commonwealth Debt
The term “Commonwealth Debt” is defined by the state Constitution as an “outstanding obligation of the Commonwealth” including revenue from Commonwealth leases, rentals or “other charges payable directly or indirectly from revenues of the Commonwealth.”9 Commonwealth debt is considered a “general obligation” in which the general revenues or other income of the Commonwealth is pledged to support the repayment of the borrowed principal and interest costs, typically in the form of a general obligation bond.
Unlike general obligation bonds, revenue bonds or securitized revenue obligations are not general obligations of the Commonwealth through which the full faith and credit is pledged, and therefore are not traditionally accounted as “Commonwealth debt.” Rather, revenue debt is solely backed by a specifically identified tax revenue, fees or payment stream, while general obligation debt is supported by the general revenue received by the state. Principal and interest payments for revenue bonds may only be recoverable from the specifically identified tax from which future receipts are pledged. Typically issued to pay for a specific public improvement project, revenue bonds are repaid from tax revenue related with the project it is to fund. For example, Turnpike bonds issued to pay for roadway expansion would involve the pledge of future toll road receipts.
Securitized revenue obligations differ, as no “debt” is issued as it is commonly understood. Individual future tax receipts are calculated to produce a sum of money that is then sold to a buyer who immediately makes available to the Commonwealth an amount less than the present value of the future revenue. In this case, future anticipated tax revenue receipts are sold to permit the Commonwealth to receive the immediate benefit of the funds without the need to wait for the actual receipt of the tax over time. For example, future slot machine tax receipts could be securitized to raise needed capital to pay for immediate general government operations, economic development initiatives or public improvement projects.
In general, Commonwealth debt may be incurred, depending upon the type, either by an act of the General Assembly, by voter referendum or by joint decision of the Governor, Treasurer and Auditor General. The state Constitution and the Fiscal Code identify specific purposes for which Commonwealth debt may be incurred and describes the manner in which such debt may be authorized. In particular, Article VIII of the state Constitution authorizes four forms of Commonwealth debt:
(1) Debt, without limit, to suppress insurrection and, rehabilitate areas impacted by a man- made or natural disaster;
(2) Short-term debt in anticipation of future tax revenue or refunding other debt;
(3) Debt, without limit, authorized by the General Assembly and approved by the electorate pursuant to referendum; and,
(4) Debt for the payment of capital projects as itemized in a legislatively enacted capital budget. 13 (9) Pa. Const. art., VIII, §7(c). The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 3 - Overview of General Obligation Bond Debt in the Commonwealth
II. Capital Project Debt
The primary use of Commonwealth general obligation debt is to finance capital improvement projects authorized and itemized in a separately enacted capital budget bill. The capital budget bill, cited as the Capital Budget Project Itemization Act, contains a comprehensive list and description of all capital improvement projects authorized to receive state funding by the General Assembly. Once enacted, the Governor is permitted to select those projects listed within the bill for funding. A separately enacted Capital Budget Act contains a cap limiting the amount of debt that may be incurred for each category of capital projects during the next fiscal year to pay for authorized projects.
General Obligation debt is issued regularly to pay, on a reimbursement basis, for costs associated with completing capital improvement projects – such as planning design, site preparation and building construction. Importantly, each bond issuance provides funds sufficient to only pay for anticipated reimbursement costs incurred over the project costs projected to be incurred over the next several months (typically a 10-16 month period). Once these funds are nearly expended, a new general obligation bond is issued to replenish the funds used to pay for the ongoing project costs. This process continues until all projects are completed and all construction costs are paid. However, because capital improvement projects are continuously approved, initiated and funded, the need for regular bond proceeds to pay for project costs is ongoing.
As of October 2020, the total principal and interest costs for all currently outstanding General Obligation debt is approximately $14.3 billion. However, that number does not include the total unfunded cost associated with bringing to completion all currently approved, yet incomplete, capital projects. The remaining unfunded cost to complete all approved and budgeted capital projects that are currently unfinished is estimated to be as much as $28 billion.
14 ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 4 – Overview of Short Term Tax Anticipation Debt in the Commonwealth
Joseph M. Torsella, Pennsylvania State Treasurer
Short Term Borrowing Options:
The Commonwealth borrows on a short-term basis to cover temporary General Fund shortfalls or to provide an interim funding source until a long-term borrowing solution is identified. In the event of a severe economic downturn, borrowing on a short-term basis can allow the Commonwealth to continue making payroll payments and providing essential services without interruption until later in the fiscal year when revenue collections are stronger. Increasingly sophisticated financial management techniques in the Commonwealth have dramatically reduced costs associated with short-term borrowing.
I. Tax Anticipation Note
Tax Anticipation Notes (TANs) are short-term debt securities issued by state and local governments and repaid out of future state tax collections. TANs mature quickly – typically within one year or less. As used in Pennsylvania, TANs are mandated to mature within the fiscal year that they are issued and are primarily intended to smooth out General Fund cash flow volatility. TANs are financed by pledging a proportion of future general revenue collections (Personal Income Tax, Sales Tax, etc.) towards repayment. Since interest income derived from TANs is generally tax- exempt, TANs often carry a relatively low interest rate.
TANs are issued pursuant to Section 7(a)(2)(i) of Article VIII of the Constitution of the Commonwealth and pursuant to the Commonwealth’s Fiscal Code, as amended by an Act of the General Assembly of the Commonwealth, approved June 21, 1984, Act No. 1984-83 (the “TAN Act”). The authority for local governments and municipalities to issue TANs is provided in Chapter 81 of Title 53 of the Pennsylvania Consolidated Statutes.
Only two TANs have been issued by the Commonwealth in recent history: the first was the First Series of 2009-2010 and the second was the First Series of 2010-2011. These TANs were issued in the wake of the 2008-2009 Global Financial Crisis and were used to maintain payroll payments and other operating costs of the Commonwealth in light of a drastic shortfall in revenue collections in 2008-2010.
First Series of 2009-2010
The terms of this note were as follows:10
• Issuer: Commonwealth of Pennsylvania
• Offering: $800,000,000 Commonwealth of Pennsylvania, Tax Anticipation Notes, First Series of 2009-2010
• Draw Date: 12/23/2009
• Security: General Revenues accruing to the General Fund during the fiscal year of issue
(10) https://www.budget.pa.gov/PublicationsAndReports/Documents/InvestorInfo/2009-12-22-tax-note-official-statement.pdf 17 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 4 - Overview of Short Term Tax Anticipation Debt in the Commonwealth
• Repayment: This note was repaid from General Revenues set aside into a special account in the State Treasury. The payments were made in the following installments:
º $100,000,000 on May 14, 2010 º $200,000,000 on May 28, 2010 º $200,000,000 on June 18, 2010 º $300,000,000 on June 30, 2010
• Interest Rate: 1.50%
• Total Interest Paid: $6,246,575
• Payback Date: 6/30/2010
• Other Issuance Costs: $313,787
• Total Costs: $6,560,362
First Series of 2010-2011
The terms of this note were as follows:11
• Issuer: Commonwealth of Pennsylvania
• Offering: $1,000,000,000 Commonwealth of Pennsylvania, Tax Anticipation Notes, First Series of 2010-2011
• Draw Date: 10/12/2010
• Security: General Revenues accruing to the General Fund during the fiscal year of issue
• Repayment: This note was repaid from General Revenues set aside into a special account in the State Treasury. The payments were made in the following installments:
º $125,000,000 on May 13, 2011 º $250,000,000 on May 27, 2011 º $250,000,000 on June 17, 2011 º $375,000,000 on June 30, 2011
• Interest Rate: 2.50%
• Total Interest Paid: $17,876,712.
• Payback Date: 6/30/2011
• Other Issuance Costs: $380,292
• Total Costs: $18,257,004
(11) https://www.budget.pa.gov/PublicationsAndReports/Documents/InvestorInfo/2010-10-12-tax-note-official-statement.pdf 18 Joseph M. Torsella, Pennsylvania State Treasurer
II. Short Term Investment Pool (STIP)
The Pennsylvania Fiscal Code grants the Treasurer the exclusive management and full power to invest funds that are beyond the ordinary needs of the Commonwealth and that are not otherwise authorized to be invested by any other board, commission or public official. The Treasurer is directed to exercise his authority as a fiduciary with care, skill, prudence and diligence under the circumstances then prevailing, specifically including the general economic conditions and the anticipated needs of the funds.
Treasury, while obligated to safeguard Commonwealth funds, must also satisfy a prudent investor standard and seek out opportunities to generate modest returns to the Commonwealth by investing Commonwealth funds. In doing so, Treasury considers each operating fund’s liquidity needs and the degree of risk it can sustain. Treasury’s Commonwealth Investment Program consists of two separate pools: the Short Term Investment Pool (STIP) and the Long Term Investment Pool (LTIP). For the purposes of this report we will focus on the former.
STIP funds are not directly invested in securities, but rather in shares of the Consolidated Cash Pool (CCP). The CCP invests in various short duration instruments (such as, cash and cash- equivalent investments, including money market funds, certificates of deposit, commercial paper, and repurchase agreements.) Generally, operating funds that are invested in the STIP are drawn on frequently or otherwise have a short-term liquidity need. Funds that can tolerate a higher degree of volatility are more appropriately invested in the LTIP.
III. STIP Line of Credit
In situations in which General Fund payments would otherwise be deferred due to insufficient revenues, Treasury has in recent years made available a cost-effective alternative to commercial borrowing by structuring a short-term line of credit from its STIP. Because Treasury receives interest from the line of credit commensurate with an investment in the STIP, this type of investment can be more beneficial to the Commonwealth than public borrowing. In recent years, the STIP Line of Credit has become – depending on the overall level of borrowing needed and the total funds in Pool 99 – the preferred method of short-term borrowing when needed for smoothing out General Fund cash flow.
The Pennsylvania Fiscal Code provides that the Treasurer “shall have the exclusive management and full power to invest and reinvest the moneys of any fund as shall be accumulated beyond the ordinary needs of the various funds and which are not authorized by law to be invested by any board, commission or State officer, subject, however, to the prudent investor standard.”12 Pursuant to this authority, the Treasurer may authorize the investment of STIP funds, in the form of a line of credit, to the General Fund. The STIP Line of Credit may only be deployed at the discretion of the Treasurer who – by law – must first prioritize the financial wellbeing of funds under
19 (12) 72 P.S. § 301.1(i). The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 4 - Overview of Short Term Tax Anticipation Debt in the Commonwealth
management, and who must also take into consideration the prevailing economic conditions and future liquidity needs of the Commonwealth before any prudent authorization can be made.
To understand the potential advantages of the STIP Line of Credit further, it can be helpful to compare it to a TAN – its near companion – across a variety of criteria:
º Cost: TANs are at a cost disadvantage relative to the STIP Line of Credit. The line of credit structure affords the Commonwealth the ability to only draw, and consequently pay interest on, the exact amount that is needed to maintain services and payments. With a TAN, the entire principal must be drawn and held until maturity, even if the funds are not needed or expended until closer to the maturity date. As such, interest accrues on the entire balance of the TAN over the entire term to maturity, creating what is considered a “negative carry cost.” For additional context, the grand total of interest paid for the STIP Line of Credit over the past 12 years amounts to a little over $22 million – $2 million less than the total interest paid on the 09-10 and 10-11 TANs. This is despite frequent draws over the past half- decade, with several individual draws totaling over a billion dollars. Besides just interest costs, the ancillary borrowing costs for the STIP Line of Credit are much lower as well. The STIP Line of Credit requires no payment of an origination fee or any other miscellaneous issuance costs. For comparison, total issuance expenses – besides interest – for both TANs were over a quarter million dollars each. By Treasury’s estimation, usage of the STIP Line of Credit has saved the Commonwealth approximately $23 million in short-term borrowing costs.
º Ease of Execution: The STIP Line of Credit can be executed within 24 hours, and requires only an agreement between the State Treasurer, Auditor General, and the Office of the Budget. No outside counsel or external parties must be consulted – reducing both cost and time needed to execute the agreement.
º Not Considered Commonwealth Debt: Since the STIP Line of Credit is considered a fund transfer, usage of the Line of Credit does not create a repayment liability to any outside party, such as a bank. Additionally, The Pennsylvania Constitution is very prescriptive on the topic of Commonwealth debt issuance and repayment. Article VIII of the Pennsylvania Constitution identifies how short-term debt must be structured and repaid, stating:
All borrowing involving the issuance of short-term Commonwealth debt must have (1) a maturity date and (2) be payable from revenues received, in the same fiscal year in which the debt is incurred,13 and;
If sufficient funds are not appropriated for the timely payment of interest and principal of Commonwealth debt, the “State Treasurer shall set apart from the first revenues thereafter received” to pay such interest and principal.14
While these provisions have contributed to Pennsylvania’s ability to secure relatively inexpensive capital throughout our history, the absence of these restrictions grants the STIP Line of Credit more flexibility relative to otherwise comparable borrowing options.
(13) 20 Pa. Const. art. VIII, §7(a)(2); 72 P.S. §1601-A, et seq. (14) Pa. Const. art. VIII, §7(d). Joseph M. Torsella, Pennsylvania State Treasurer
º No Credit Rating Requirement: The STIP Line of Credit does not have to be rated by any of the major credit rating agencies, thereby further improving ease of execution and lowering total costs.
IV. Recent History of the STIP Line of Credit
21 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 4 - Overview of Short Term Tax Anticipation Debt in the Commonwealth
The first authorization of the STIP Line of Credit occurred in 2008-2009 during the Great Recession. A total of $500 million was authorized and drawn on by the Commonwealth to help sustain operations in February until the General Fund could be boosted by tax revenue inflows in March. A combination of a TAN, a STIP Line of Credit, and a transfer from the Motor License Fund was needed to weather the economic shocks occurring during the lowest point of the Great Recession. While the circumstances find an echo in our fiscal condition today, an improvement in our borrowing techniques has – at the very least – mitigated the costs associated with borrowing at the scale necessary to recover from an extraordinary economic downturn.
Treasury has authorized the STIP Line of Credit periodically to maintain adequate General Fund liquidity. Over the past several years the total amounts authorized have gotten larger and draws have become more frequent, suggesting a deterioration in the underlying fiscal health of the General Fund. It is common for many states, including Pennsylvania, to run into cash flow shortfalls during low points of the fiscal year (typically between December and March) and to cover these shortfalls with short-term borrowing. Problems begin to arise, however, when states start needing to borrow earlier in the fiscal year to fill deeper shortfalls, as those trends point towards more systemic structural and budgetary deficiencies.
In FY 2019-2020, Treasury authorized a $1.5 billion line of credit. Despite strong revenue collections in that fiscal year, several factors in that period accelerated cash flow deficiencies and necessitated additional liquidity. Those factors included:
1. Increased education expenditures of approximately $500 million over the last fiscal year.
2. Increased Department of Human Services’ expenditures (approximately $500 million), coupled with a shift of the payment cycle from weekly to monthly, causing significantly higher expenditure spikes during a single day.
3. Debt service payment to the Tobacco Settlement Fund of $115 million.
4. Absence of a $63 million transfer from the Tobacco Settlement Fund to the General Fund.
5. Transfer of $300 million from the General Fund to the Budget Stabilization Fund.
Last week, in conjunction with the Governor’s Budget Office and the Auditor General, the Treasurer authorized a $2.5 billion line of short-term external borrowing in the form of a line of credit to provide additional liquidity to the General Fund for FY 2020-2021.15 Combined with an anticipated extension of a $2.5 billion line of credit from Treasury’s Short Term Investment Pool16 (Fund 99), the two lines of credit (totaling $5 billion) are anticipated to provide sufficient cash support to the General Fund for the remaining months of the current fiscal year to compensate for significant revenue shortfalls related to the COVID-19 pandemic and resulting economic contraction. Absent such borrowing, the General Fund balance was projected to fall below zero by the end of the month and remain negative for the rest of the fiscal year. The added liquidity provided by the two lines of credit is anticipated to provide sufficient cash support to enable the Commonwealth to satisfy all fiscal year appropriated expenditures without interruption.
22 Joseph M. Torsella, Pennsylvania State Treasurer
V. Note on the Realignment of Federal Payments
While the STIP Line of Credit has advantages over other forms of borrowing, the Commonwealth is still better off financially when no borrowing is required to satisfy cash flow needs. Treasury has worked hard to decrease the need for borrowing by identifying potential improvements in cash inflows and outflows to better line up receipts with expenditures.
The Commonwealth is responsible for making monthly payments to healthcare insurance providers that provide coverage for Medical Assistance recipients. These payments are, on average, roughly $1.4 billion per month, of which $900 million is reimbursed by the federal government. Through its development of the Treasury Transparency Portal, Treasury identified that these payments were causing significant cash flow shortages. When the $1.4 billion payments were made, the Commonwealth would have to wait roughly two full business days before being reimbursed the $900 million from the federal government.
Upon identifying the issue, Treasury established a work group to develop a solution that would realign federal funding so that receipt of the $900 million would occur on the same day that the $1.4 billion Medical Assistance payment was issued. Treasury worked in coordination with the Governor’s Office to develop the necessary system of information exchanges needed to accommodate a same-day payment and reimbursement process.
Historically, federal reimbursements could not be sought until the actual check payments cleared through the banks. These vendors have now been updated to receive payments via ACH, which eliminates the wait time for check clearing. Additionally, Treasury’s improved PeopleSoft accounting system allows for information to be exchanged faster and with greater flexibility. Under the new system, the Governor’s Office was able to configure the federal reimbursement requests to be received the same day the payments left Treasury’s bank. With cash flows synchronized, instead of the General Fund being reduced by $1.4 billion and rebounding $900 million after two business days, it is only reduced by $500 million (total payment net of federal reimbursement) on the day the payment is due.
Treasury will continue to work together with the Office of the Budget and the General Assembly to identify additional misalignments of receipts and expenditures to help stabilize General Fund cash flow throughout each fiscal year.
(15) Interest payable on the outstanding amount of the external line of credit will be calculated at a rate of 80% of LIBOR, plus 32 basis points. 23 (16) Treasury’s line of credit agreement has not been negotiated as of the date of this report.
ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 5 – Annual Short and Long Term Debt Supported by State Revenues
Joseph M. Torsella, Pennsylvania State Treasurer Total 12,599,844.40 970,750,396.80 973,402,867.35 858,675,762.75 794,254,412.60 594,154,258.45 532,684,590.80 438,412,099.00 375,715,858.50 136,971,656.60 128,708,160.50 $1,634,217,242.85 1,618,938,841.58 1,555,431,180.35 1,523,238,310.85 1,454,193,486.40 1,438,665,234.85 1,372,871,156.85 1,265,625,211.55 1,177,990,790.80 1,153,529,851.15 666,123,288.60 Combined $20,677,154,503.58 FY 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 - GO 1,294,956,034.38 1,232,633,580.00 1,201,701,165.00 1,132,917,770.00 1,133,388,957.50 1,072,348,062.50 966,667,747.50 862,292,250.00 819,955,015.00 630,236,950.00 624,921,762.50 500,964,187.50 429,444,956.25 329,671,550.00 252,795,625.00 191,765,725.00 97,964,150.00 98,873,750.00 $1,310,005,575.00 $14,183,504,813.13 Commonwealth of PA FY 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Total 12,599,844.40 323,982,807.20 322,797,600.35 321,537,145.85 321,275,716.40 305,276,277.35 300,523,094.35 298,957,464.05 315,698,540.80 333,574,836.15 340,513,446.80 348,481,104.85 357,711,575.25 364,809,456.35 336,451,738.60 341,358,633.45 340,918,865.80 340,447,949.00 276,842,108.50 136,971,656.60 128,708,160.50 $324,211,667.85 $6,493,649,690.45 Tobacco 115,368,900.00 115,369,150.00 115,369,900.00 115,369,900.00 115,367,650.00 115,371,400.00 115,368,650.00 116,002,150.00 115,337,150.00 115,338,650.00 115,336,150.00 115,335,650.00 115,337,400.00 115,336,150.00 115,336,400.00 115,337,800.00 115,336,400.00 115,336,000.00 - $115,370,150.00 $2,192,325,600.00 Total Debt Service Total PlanCon 61,180,765.50 61,180,765.50 61,180,765.50 61,180,765.50 61,180,765.50 86,680,765.50 $61,180,765.50 101,897,998.10 118,445,258.75 137,438,414.35 144,839,498.00 151,922,538.65 160,248,049.95 167,380,301.95 172,350,961.55 177,838,609.20 177,989,294.35 178,146,848.45 115,186,204.90 115,637,850.15 116,108,129.50 $2,489,195,316.35 Energy 31,453,726.70 30,512,583.20 29,485,209.75 29,482,896.95 29,482,618.95 29,485,314.30 29,482,025.55 29,479,210.55 29,478,718.70 29,480,772.10 30,863,385.80 32,278,676.00 32,772,000.00 $31,456,703.30 $425,193,841.85 Commonwealth Financing Authority and of Pennsylvania - Commonwealth Financing Authority H2O 54,071,466.40 53,831,989.85 53,587,606.15 53,328,911.10 53,038,100.65 52,627,636.55 52,208,790.40 51,771,921.50 51,320,553.10 50,854,526.70 50,359,030.40 49,849,199.30 49,319,754.40 48,764,627.05 48,183,624.25 47,591,771.45 46,964,700.55 46,319,903.60 21,333,806.45 12,600,031.00 12,599,844.40 $54,303,369.20 $1,014,831,164.45 - Original 61,907,948.60 61,903,111.80 61,913,664.45 61,913,242.85 46,207,142.25 16,357,978.00 $61,900,679.85 - $372,103,767.80 ------
- FY 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
27
ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 6 – Obligation Profiles
Joseph M. Torsella, Pennsylvania State Treasurer
The COVID-19 Debt Cost Reduction Review also includes a summary of refinancing opportunities for each applicable agency/profile submitted which highlights the potential results of refinancing to reduce annual debt service. The refinancing recommendations will be modest, as most agencies have their own financial advisors that review the outstanding debt regularly and independently.
Treasury has examined the debt submitted to us for refinancing opportunities, and has identified a total of seven separate refinancing opportunities to refund approximately $2.4 billion in outstanding bonds which, if pursued under current market conditions, could save an estimated $179.5 million in present value savings.
The following is a list of the entities for which there are refinancing recommendations included:
• Office of the Budget – General Obligation Debt • Delaware River Port Authority • Harrisburg Area Community College • Montgomery County Community College • Northampton Area Community College • Pennsylvania State System of Higher Education • Pennsylvania Infrastructure Investment Authority
No refinancing recommendations were identified for any of the following entities:
• Bucks County Community College • Butler County Community College • Center for Rural Pennsylvania • Commonwealth Financing Authority • Community College of Allegheny County • Community College of Philadelphia • Delaware County Community College • Department of General Services • Department of Military and Veterans Affairs • Lehigh Carbon Community College • Luzerne County Community College • Office of the Budget • Pennsylvania Economic Development Financing Authority • Pennsylvania Higher Education Assistance Agency
31 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
• Pennsylvania Highlands Community College • Pennsylvania Housing Finance Agency • Pennsylvania Industrial Development Authority • Pennsylvania Turnpike Commission • Reading Area Community College • Sports and Exhibition Authority of Pittsburgh • State Ethics Commission • Thaddeus Stevens College of Technology • Westmoreland County Community College
32 Joseph M. Torsella, Pennsylvania State Treasurer
Office of the Budget – General Obligation Debt
https://www.budget.pa.gov/About/OB/Pages/default.aspx#.VgGRnvlVhBc
The Office of the Budget was established by the Administrative Code of 1929. Its role is to develop, coordinate and oversee the execution of a balanced financial plan for the Commonwealth that reflects the policies and priorities of the Governor, promotes the efficient allocation and use of resources, and ensures that all funds received and disbursed for Commonwealth programs are accounted for in accordance with current laws, regulations, and policies.
The Office of the Budget is located within the Governor’s Office and provides for appointment of the secretary of the budget by the Governor. The budget function is administered through the executive deputy secretary for the budget. As part of the executive branch, the Office of the Budget is responsible for preparing the Governor’s annual state budget and implementing it after it is passed by the General Assembly and signed by the Governor.
The two main operational areas of the Office of the Budget are the Governor’s Budget Office, which oversees the preparation and implementation of the state budget, and the Office of Comptroller Operations, which oversees the Commonwealth’s uniform accounting, payroll and financial reporting systems. The Office of Administrative Services provides the Commonwealth’s Executive Offices with budget management, purchasing, payment, and facility management services. In 2011, the Commonwealth Office of Travel Operations became part of the Office of the Budget, functioning as a travel management service for all travelers conducting the business of the Commonwealth.
The Office of the Budget administers Commonwealth general obligation debt, which is primarily used to finance capital improvement projects authorized and itemized in an enacted capital budget bill.
33 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$10,754,980,000 $1,310,005,575 4.520% Yes
Review of Outstanding Debt Obligations
For the Office of the Budget – General Obligation Debt – Total Debt Service – refer to page141 .
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$10,754,980,000.00 $- $- $10,754,980,000.00
100% 0% 0% 100%
34 Joseph M. Torsella, Pennsylvania State Treasurer
Refinancing Recommendation
SUMMARY OF REFUNDING RESULTS
Commonwealth of Pennsylvania General Obligation Refunding Bonds Series 2020 (Federally Taxable)
Dated Date 11/1/2020 Delivery Date 11/1/2020 Arbitrage yield 1.981068% Escrow yield 0.161901% Value of Negative Arbitrage 63,282,431.69
Bond Par Amount 1,789,390,000.00 True Interest Cost 2.054572% Net Interest Cost 2.057304% Average Coupon 1.990309% Average Life 7.463
Par amount of refunded bonds 1,622,685,000.00 Average coupon of refunded bonds 4.282625% Average life of refunded bonds 7.603
PV of prior debt to 11/01/2020 @ 1.981068% 1,893,434,009.01 Net PV Savings 104,048,391.75 Percentage savings of refunded bonds 6.412113% Percentage savings of refunding bonds 5.814741%
35 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
SUMMARY OF BONDS REFUNDED
Commonwealth of Pennsylvania General Obligation Refunding Bonds Series 2020 (Federally Taxable)
Bond Maturity Date Interest Rate Par Amount Call Date Call Price
Series 2011, BOND: 11/15/2020 5.000% 28,740,000.00 11/15/2021 5.000% 30,215,000.00 11/15/2027 4.000% 40,785,000.00 11/15/2021 100.000 11/15/2028 4.000% 42,880,000.00 11/15/2021 100.000 11/15/2031 4.000% 49,820,000.00 11/15/2021 100.000 192,440,000.00
Series 2012, BOND: 6/1/2021 5.000% 42,255,000.00 6/1/2022 5.000% 44,370,000.00 6/1/2029 4.000% 62,435,000.00 6/1/2022 100.000 6/1/2030 4.000% 65,555,000.00 6/1/2022 100.000 6/1/2031 4.000% 68,830,000.00 6/1/2022 100.000 6/1/2032 4.000% 72,275,000.00 6/1/2022 100.000 355,720,000.00
Series 2013, BOND: 4/1/2021 5.000% 39,830,000.00 4/1/2022 5.000% 41,820,000.00 4/1/2023 5.000% 43,910,000.00 4/1/2027 3.000% 53,375,000.00 4/1/2023 100.000 4/1/2029 4.000% 58,845,000.00 4/1/2023 100.000 4/1/2030 4.000% 61,785,000.00 4/1/2023 100.000 4/1/2031 4.000% 64,875,000.00 4/1/2023 100.000 4/1/2032 4.000% 68,120,000.00 4/1/2023 100.000 4/1/2033 4.000% 71,525,000.00 4/1/2023 100.000 504,085,000.00
Series C of 2010, BOND: 7/15/2021 3.500% 585,000.00 12/1/2020 100.000 7/15/2022 4.000% 600,000.00 12/1/2020 100.000 7/15/2023 4.000% 625,000.00 12/1/2020 100.000 7/15/2027 4.500% 720,000.00 12/1/2020 100.000 7/15/2030 4.750% 810,000.00 12/1/2020 100.000 3,340,000.00
Series 2013, BOND: 10/15/2021 5.000% 31,755,000.00 10/15/2022 5.000% 33,385,000.00 10/15/2023 5.000% 35,095,000.00 10/15/2024 5.000% 36,895,000.00 10/15/2023 100.000 10/15/2025 5.000% 38,790,000.00 10/15/2023 100.000 10/15/2026 5.000% 40,780,000.00 10/15/2023 100.000 10/15/2027 5.000% 42,870,000.00 10/15/2023 100.000 10/15/2028 4.000% 45,065,000.00 10/15/2023 100.000 10/15/2029 5.000% 47,380,000.00 10/15/2023 100.000 10/15/2030 5.000% 49,810,000.00 10/15/2023 100.000 10/15/2031 5.000% 52,360,000.00 10/15/2023 100.000 10/15/2032 5.000% 55,045,000.00 10/15/2023 100.000 10/15/2033 4.375% 57,870,000.00 10/15/2023 100.000 567,100,000.00 1,622,685,000.00
36 Joseph M. Torsella, Pennsylvania State Treasurer
SAVINGS
Commonwealth of Pennsylvania General Obligation Refunding Bonds Series 2020 (Federally Taxable)
Present Value to 11/01/2020 @ Date Prior Debt Service Refunding Debt Service Savings 1.9810675%
6/30/2021 157,772,831.25 13,971,199.86 143,801,631.39 142,748,696.27 6/30/2022 213,594,725.00 217,304,335.50 -3,709,610.50 -4,782,765.47 6/30/2023 136,029,112.50 138,390,681.00 -2,361,568.50 -2,808,263.04 6/30/2024 89,922,112.50 91,486,693.50 -1,564,581.00 -1,612,448.37 6/30/2025 89,284,862.50 90,838,102.75 -1,553,240.25 -1,568,376.86 6/30/2026 89,287,737.50 90,837,356.00 -1,549,618.50 -1,529,601.60 6/30/2027 142,663,487.50 145,141,230.50 -2,477,743.00 -2,753,880.20 6/30/2028 128,359,087.50 130,589,248.00 -2,230,160.50 -2,102,964.32 6/30/2029 249,546,537.50 253,884,069.25 -4,337,531.75 -4,982,672.48 6/30/2030 207,246,937.50 210,848,450.50 -3,601,513.00 -4,245,847.61 6/30/2031 209,309,350.00 212,948,338.50 -3,638,988.50 -4,229,134.59 6/30/2032 258,641,262.50 263,134,464.00 -4,493,201.50 -4,939,588.63 6/30/2033 133,338,937.50 135,655,194.00 -2,316,256.50 -2,354,854.23 6/30/2034 59,135,906.25 60,161,312.25 -1,025,406.00 -794,289.83 2,164,132,887.50 2,055,190,675.61 108,942,211.89 104,044,009.01
Savings Summary
PV of savings from cash flow 104,044,009.01 Plus: Refunding funds on hand 4,382.74 Net PV Savings 104,048,391.75
37 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
BOND PRICING
Commonwealth of Pennsylvania General Obligation Refunding Bonds Series 2020 (Federally Taxable)
Bond Component Maturity Date Amount Rate Yield Price
Bond Component:
10/15/2021 187,235,000 0.640% 0.640% 100.000
10/15/2022 109,325,000 0.740% 0.740% 100.000
10/15/2023 63,100,000 0.870% 0.870% 100.000
10/15/2024 63,095,000 1.170% 1.170% 100.000
10/15/2025 63,885,000 1.320% 1.320% 100.000
10/15/2026 119,555,000 1.580% 1.580% 100.000
10/15/2027 106,845,000 1.680% 1.680% 100.000
10/15/2028 233,265,000 1.910% 1.910% 100.000
10/15/2029 194,460,000 2.060% 2.060% 100.000
10/15/2030 200,680,000 2.110% 2.110% 100.000
10/15/2031 255,810,000 2.210% 2.210% 100.000
10/15/2032 132,690,000 2.310% 2.310% 100.000
10/15/2033 59,445,000 2.410% 2.410% 100.000
6/30/2034 59,135,906.25 60,161,312.25 -1,025,406.00 -794,289.83
1,789,390,000
Dated Date 11/1/2020 Delivery Date 11/1/2020 First Coupon 4/15/2021
Par Amount 1,789,390,000.00 Original Issue Discount
Production 1,789,390,000.00 100.000000% Underwriter's Discount -8,946,950.00 -0.500000%
Purchase Price 1,780,443,050.00 99.500000% Accrued Interest
Net Proceeds 1,780,443,050.00
38 Joseph M. Torsella, Pennsylvania State Treasurer
Delaware River Port Authority
http://www.drpa.org/about/
The Delaware River Port Authority (DRPA) is a regional transportation agency that serves as steward of four bridges that cross the Delaware River between Pennsylvania and New Jersey: the Ben Franklin, Walt Whitman, Commodore Barry and Betsy Ross Bridges. Through its Port Authority Transit Corporation (PATCO), the DRPA also operates a transit line between Camden County, New Jersey, and Center City Philadelphia.
The Delaware River Port Authority’s total outstanding debt is held in Revenue, Revenue Refunding, and Port District Project and Project Refunding Bonds, and consists of bonds issued in 2012, 2013 and 2018. Bond proceeds are being used to fund the Authority’s approved capital improvement program, payment of issuance costs, and bond refunding.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$1,121,365,000 $113,293,794 4.854% No
Review of Outstanding Debt Obligations
For Delaware River Port Authority – Total Debt Service – refer to page 142.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$1,121,365,000.00 $- $- $1,121,365,000.00
100% 0% 0% 100%
39 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Refinancing Recommendation
SUMMARY OF REFUNDING RESULTS
Delaware River Port Authority Revenue Refunding Bonds Series 2020 (Federally Taxable)
Dated Date 11/1/2020 Delivery Date 11/1/2020 Arbitrage yield 2.720719% Escrow yield 0.196913% Value of Negative Arbitrage 39,472,836.53
Bond Par Amount 559,445,000.00 True Interest Cost 2.769723% Net Interest Cost 2.787397% Average Coupon 2.746641% Average Life 12.268
Par amount of refunded bonds 476,585,000.00 Average coupon of refunded bonds 4.969638% Average life of refunded bonds 13.445
PV of prior debt to 11/01/2020 @ 2.720719% 602,793,599.44 Net PV Savings 43,351,656.44 Percentage savings of refunded bonds 9.096312% Percentage savings of refunding bonds 7.749047%
40 Joseph M. Torsella, Pennsylvania State Treasurer
SUMMARY OF BONDS REFUNDED
Delaware River Port Authority Revenue Refunding Bonds Series 2020 (Federally Taxable)
Bond Maturity Date Interest Rate Par Amount Call Date Call Price
Series 2013, SERIAL1: 1/1/2027 5.000% 23,560,000.00 1/1/2024 100.000 1/1/2028 5.000% 25,615,000.00 1/1/2024 100.000 1/1/2029 5.000% 26,895,000.00 1/1/2024 100.000 1/1/2030 5.000% 28,070,000.00 1/1/2024 100.000 1/1/2031 5.000% 29,650,000.00 1/1/2024 100.000 1/1/2032 4.500% 31,135,000.00 1/1/2024 100.000 1/1/2033 5.000% 32,535,000.00 1/1/2024 100.000 1/1/2034 5.000% 33,355,000.00 1/1/2024 100.000 1/1/2035 5.000% 34,870,000.00 1/1/2024 100.000 1/1/2036 5.000% 36,660,000.00 1/1/2024 100.000 1/1/2037 5.000% 38,540,000.00 1/1/2024 100.000 1/1/2038 5.000% 41,515,000.00 1/1/2024 100.000 1/1/2039 5.000% 43,590,000.00 1/1/2024 100.000 1/1/2040 5.000% 45,770,000.00 1/1/2024 100.000 471,760,000.00
Series 2013, SERIAL2: 1/1/2027 4.125% 845,000.00 1/1/2024 100.000 1/1/2030 4.500% 170,000.00 1/1/2024 100.000 1/1/2034 4.625% 810,000.00 1/1/2024 100.000 1/1/2035 4.750% 1,000,000.00 1/1/2024 100.000 1/1/2036 4.750% 1,000,000.00 1/1/2024 100.000 1/1/2037 4.750% 1,000,000.00 1/1/2024 100.000 4,825,000.00
476,585,000.00
41 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
SAVINGS
Delaware River Port Authority Revenue Refunding Bonds Series 2020 (Federally Taxable)
Present Value to 11/01/2020 Date Prior Debt Service Refunding Debt Service Savings @ 2.7207194%
6/30/2021 11,827,396.88 9,974,034.17 1,853,362.71 1,845,034.00 6/30/2022 23,654,793.76 20,860,245.00 2,794,548.76 2,772,139.54 6/30/2023 23,654,793.76 20,858,704.00 2,796,089.76 2,700,012.97 6/30/2024 23,654,793.76 20,857,673.50 2,797,120.26 2,629,352.48 6/30/2025 23,654,793.76 20,859,896.00 2,794,897.76 2,557,766.15 6/30/2026 23,654,793.76 20,860,384.00 2,794,409.76 2,489,705.86 6/30/2027 48,059,793.76 45,265,755.00 2,794,038.76 2,423,671.47 6/30/2028 48,056,937.50 45,261,935.00 2,795,002.50 2,356,040.33 6/30/2029 48,056,187.50 45,259,909.50 2,796,278.00 2,290,626.19 6/30/2030 48,056,437.50 45,261,757.50 2,794,680.00 2,224,767.13 6/30/2031 48,055,287.50 45,262,797.50 2,792,490.00 2,160,157.90 6/30/2032 48,057,787.50 45,264,546.50 2,793,241.00 2,099,476.33 6/30/2033 48,056,712.50 45,264,429.50 2,792,283.00 2,039,917.43 6/30/2034 48,059,962.50 45,264,721.50 2,795,241.00 1,983,970.29 6/30/2035 48,059,750.00 45,262,422.00 2,797,328.00 1,928,865.61 6/30/2036 48,058,750.00 45,264,365.50 2,794,384.50 1,871,837.04 6/30/2037 48,058,250.00 45,263,700.50 2,794,549.50 1,819,225.26 6/30/2038 48,058,750.00 45,263,231.50 2,795,518.50 1,768,362.09 6/30/2039 48,058,000.00 45,261,674.50 2,796,325.50 1,718,568.33 6/30/2040 48,058,500.00 45,262,745.50 2,795,754.50 1,669,103.06
2,164,132,887.50 2,055,190,675.61 108,942,211.89 104,044,009.01
Savings Summary
PV of savings from cash flow 43,348,599.44 Plus: Refunding funds on hand 3,057.00 Net PV Savings 43,351,656.44
42 Joseph M. Torsella, Pennsylvania State Treasurer
BOND PRICING
Delaware River Port Authority Revenue Refunding Bonds Series 2020 (Federally Taxable)
Bond Component Maturity Date Amount Rate Yield Price
Bond Component:
1/1/2021 7,650,000 0.640% 0.640% 100.000
1/1/2022 6,965,000 0.740% 0.740% 100.000
1/1/2023 7,015,000 0.870% 0.870% 100.000
1/1/2024 7,075,000 1.170% 1.170% 100.000
1/1/2025 7,160,000 1.320% 1.320% 100.000
1/1/2026 7,255,000 1.580% 1.580% 100.000
1/1/2027 31,775,000 1.680% 1.680% 100.000
1/1/2028 32,305,000 1.910% 1.910% 100.000
1/1/2029 32,920,000 2.060% 2.060% 100.000
1/1/2030 33,600,000 2.110% 2.110% 100.000
1/1/2031 34,310,000 2.210% 2.210% 100.000
1/1/2032 35,070,000 2.310% 2.310% 100.000
1/1/2033 35,880,000 2.410% 2.410% 100.000
1/1/2034 36,745,000 2.510% 2.510% 100.000
1/1/2035 37,665,000 2.610% 2.610% 100.000 353,390,000
Term Bond due 2040: 1/1/2040 206,055,000 3.210% 3.210% 100.000 559,445,000
Dated Date 11/1/2020 Delivery Date 11/1/2020 First Coupon 1/1/2021
Par Amount 559,445,000.00 Original Issue Discount
Production 559,445,000.00 100.000000% Underwriter's Discount -2,797,225.00 -0.500000%
Purchase Price 556,647,775.00 99.500000% Accrued Interest
Net Proceeds 556,647,775.00
43 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Harrisburg Area Community College
https://www.hacc.edu/AboutHACC/index.cfm
Harrisburg Area Community College (HACC) is a community college in Harrisburg, Pennsylvania. HACC became the first community college in Pennsylvania on February 14, 1964. HACC is the largest community college in Pennsylvania and consists of five campuses in Harrisburg, Gettysburg, Lancaster, Lebanon and York. HACC also offers classes online through Virtual Learning. HACC has become one of the largest undergraduate colleges in Pennsylvania, with nearly 19,000 students enrolled in credit programs and 6,000 students enrolled in noncredit programs. HACC is accredited by the Commission on Higher Education of the Middle States Association of Colleges and Schools. The current president of HACC is John J. Sygielski.
Harrisburg Area Community College’s outstanding debt obligations are composed of College Revenue Bonds issued by the State Public School Building Authority. Bond proceeds are being used for leasing facilities at the Lancaster campus, leasing facilities at the York campus, renovations of the Wildwood Conference Center at the Harrisburg campus, renovations to the Cooper Student Center at the Harrisburg campus, and bond refunding.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$101,265,000 $12,976,245 3.652% Yes
Review of Outstanding Debt Obligations
For Harrisburg Area Community College – Total Debt Service – refer to page 143.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$101,265,000.00 $- $- $101,265,000.00
100% 0% 0% 100%
44 Joseph M. Torsella, Pennsylvania State Treasurer
Refinancing Recommendation
SUMMARY OF REFUNDING RESULTS
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Harrisburg Area Community College Project
Dated Date 11/1/2020 Delivery Date 11/1/2020 Arbitrage yield 1.714497% Escrow yield 0.148228% Value of Negative Arbitrage 1,213,867.80
Bond Par Amount 68,200,000.00 True Interest Cost 1.810066% Net Interest Cost 1.814494% Average Coupon 1.724820% Average Life 5.576
Par amount of refunded bonds 64,855,000.00 Average coupon of refunded bonds 4.059075% Average life of refunded bonds 5.825
PV of prior debt to 11/01/2020 @ 1.714497% 73,321,858.27 Net PV Savings 5,125,934.44 Percentage savings of refunded bonds 7.903684% Percentage savings of refunding bonds 7.516033%
45 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
SUMMARY OF BONDS REFUNDED
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Harrisburg Area Community College Project
Bond Maturity Date Interest Rate Par Amount Call Date Call Price
Series 2011 Bnds, BOND: 10/1/2021 3.600% 2,360,000.00 4/1/2021 100.000 10/1/2022 3.750% 2,450,000.00 4/1/2021 100.000 10/1/2023 5.000% 2,560,000.00 4/1/2021 100.000 10/1/2024 4.050% 2,680,000.00 4/1/2021 100.000 10/1/2025 4.125% 2,790,000.00 4/1/2021 100.000 10/1/2026 4.500% 2,915,000.00 4/1/2021 100.000 10/1/2027 4.500% 3,045,000.00 4/1/2021 100.000 10/1/2028 4.500% 3,185,000.00 4/1/2021 100.000 10/1/2029 5.000% 3,345,000.00 4/1/2021 100.000 10/1/2030 5.000% 3,515,000.00 4/1/2021 100.000 10/1/2031 5.000% 3,695,000.00 4/1/2021 100.000 32,540,000.00
Series 2012 Bonds, BOND: 10/1/2021 3.000% 690,000.00 10/1/2022 3.000% 715,000.00 4/1/2022 100.000 10/1/2023 3.125% 730,000.00 4/1/2022 100.000 10/1/2024 3.250% 755,000.00 4/1/2022 100.000 10/1/2025 3.375% 785,000.00 4/1/2022 100.000 10/1/2026 3.375% 810,000.00 4/1/2022 100.000 10/1/2027 3.500% 840,000.00 4/1/2022 100.000 10/1/2028 3.500% 870,000.00 4/1/2022 100.000 10/1/2029 3.625% 900,000.00 4/1/2022 100.000 10/1/2030 3.625% 935,000.00 4/1/2022 100.000 10/1/2031 3.750% 970,000.00 4/1/2022 100.000
10/1/2032 3.750% 1,005,000.00 4/1/2022 100.000 10,005,000.00
Series 2014 Bonds, BOND: 10/1/2021 5.000% 1,985,000.00 10/1/2022 2.700% 2,065,000.00 10/1/2023 3.000% 2,125,000.00 10/1/2022 100.000 10/1/2024 3.000% 1,265,000.00 10/1/2022 100.000 10/1/2025 3.125% 1,305,000.00 10/1/2022 100.000 10/1/2026 3.250% 1,345,000.00 10/1/2022 100.000 10/1/2027 3.350% 1,390,000.00 10/1/2022 100.000 11,480,000.00
46 Joseph M. Torsella, Pennsylvania State Treasurer
SUMMARY OF BONDS REFUNDED
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Harrisburg Area Community College Project
Bond Maturity Date Interest Rate Par Amount Call Date Call Price
Series 2015A Bonds, BOND: 10/1/2021 5.000% 915,000.00 10/1/2022 5.000% 955,000.00 10/1/2023 5.000% 1,010,000.00 10/1/2024 2.375% 1,045,000.00 10/1/2023 100.000 10/1/2025 2.500% 1,075,000.00 10/1/2023 100.000 10/1/2026 2.625% 1,100,000.00 10/1/2023 100.000 10/1/2027 2.750% 1,130,000.00 10/1/2023 100.000 10/1/2028 3.000% 1,165,000.00 10/1/2023 100.000 10/1/2029 3.000% 1,200,000.00 10/1/2023 100.000 10/1/2030 3.000% 1,235,000.00 10/1/2023 100.000 10,830,000.00 64,855,000.00
47 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
SAVINGS
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Harrisburg Area Community College Project
Present Value to 11/01/2020 Date Prior Debt Service Refunding Debt Service Savings @ 1.7144973%
6/30/2021 1,281,453.75 403,954.17 877,499.58 871,279.82 6/30/2022 8,387,577.50 7,991,946.00 395,631.50 383,681.86 6/30/2023 8,388,832.50 7,993,150.50 395,682.00 377,912.03 6/30/2024 8,387,886.25 7,990,796.50 397,089.75 373,674.71 6/30/2025 7,477,431.88 7,077,809.75 399,622.13 370,203.36 6/30/2026 7,484,890.01 7,088,718.50 396,171.51 361,251.88 6/30/2027 7,479,721.26 7,080,319.50 399,401.76 358,551.34 6/30/2028 7,477,138.76 7,078,813.50 398,325.26 352,029.46 6/30/2029 6,065,743.76 5,668,075.50 397,668.26 345,897.21 6/30/2030 6,068,443.76 5,672,134.50 396,309.26 339,330.74 6/30/2031 6,067,159.38 5,668,592.50 398,566.88 335,961.64 6/30/2032 4,813,250.00 4,417,444.75 395,805.25 328,423.23 6/30/2033 1,023,843.75 627,161.00 396,682.75 323,661.00
80,403,372.56 74,758,916.67 5,644,455.89 5,121,858.27
Savings Summary
PV of savings from cash flow 5,121,858.27 Plus: Refunding funds on hand 4,076.17 Net PV Savings 5,125,934.44
48 Joseph M. Torsella, Pennsylvania State Treasurer
BOND PRICING
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Harrisburg Area Community College Project
Bond Component Maturity Date Amount Rate Yield Price
Bond Component:
10/1/2021 7,045,000 0.640% 0.640% 100.000
10/1/2022 7,095,000 0.740% 0.740% 100.000
10/1/2023 7,150,000 0.870% 0.870% 100.000
10/1/2024 6,305,000 1.170% 1.170% 100.000
10/1/2025 6,395,000 1.320% 1.320% 100.000
10/1/2026 6,480,000 1.580% 1.580% 100.000
10/1/2027 6,585,000 1.680% 1.680% 100.000
10/1/2028 5,280,000 1.910% 1.910% 100.000
10/1/2029 5,390,000 2.060% 2.060% 100.000
10/1/2030 5,500,000 2.110% 2.110% 100.000
10/1/2031 4,355,000 2.210% 2.210% 100.000
10/1/2032 620,000 2.310% 2.310% 100.000
68,200,000
Term Bond due 2040: 1/1/2040 206,055,000 3.210% 3.210% 100.000 559,445,000
Dated Date 11/1/2020 Delivery Date 11/1/2020 First Coupon 4/1/2021
Par Amount 68,200,000.00 Original Issue Discount
Production 68,200,000.00 100.000000% Underwriter's Discount -341,000.00 -0.500000%
Purchase Price 67,859,000.00 99.500000% Accrued Interest
Net Proceeds 67,859,000.00
49 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Montgomery County Community College
https://www.mc3.edu/about-mccc
Montgomery County Community College (MCCC) is a public community college located in Blue Bell in Montgomery County, Pennsylvania, founded in 1964. MCCC offers more than 100 associate’s degree and certificate programs, including nearly a dozen online degree and certificate programs and several hybrid online/traditional programs. MCCC has two satellite campuses: West campus in Pottstown and the Culinary Arts Institute in Lansdale. MCCC is accredited by the Commission of Higher Education of the Middle States Association of Colleges and Secondary Schools. The current president of MCCC is Dr. Victoria Bastecki-Perez.
Montgomery County Community College’s total debt obligation is composed of College Revenue Bonds issued by the State Public School Building Authority. Bond proceeds are being used for building renovations and for financing of an energy efficiency improvement (ESCO) project.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$80,430,000 $10,101,094 4.851% Yes
Review of Outstanding Debt Obligations
For Montgomery County Community College – Total Debt Service – refer to page 144.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$80,430,000.00 $- $- $80,430,000.00
100% 0% 0% 100%
50 Joseph M. Torsella, Pennsylvania State Treasurer
Refinancing Recommendation
SUMMARY OF REFUNDING RESULTS
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Montgomery County Community College Project
Dated Date 11/1/2020 Delivery Date 11/1/2020 Arbitrage yield 2.213539% Escrow yield 0.159047% Value of Negative Arbitrage 1,438,365.46
Bond Par Amount 30,580,000.00 True Interest Cost 2.279987% Net Interest Cost 2.299661% Average Coupon 2.240171% Average Life 8.405
Par amount of refunded bonds 27,055,000.00 Average coupon of refunded bonds 4.999518% Average life of refunded bonds 9.073
PV of prior debt to 11/01/2020 @ 2.213539% 33,069,167.38 Net PV Savings 2,492,552.44 Percentage savings of refunded bonds 9.212909% Percentage savings of refunding bonds 8.150924%
51 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
SUMMARY OF BONDS REFUNDED
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Montgomery County Community College Project
Bond Maturity Date Interest Rate Par Amount Call Date Call Price
Series 2013 Bonds, BOND: 5/1/2024 4.000% 3,535,000.00 5/1/2023 100.000 5/1/2025 4.000% 3,675,000.00 5/1/2023 100.000 5/1/2026 4.125% 1,550,000.00 5/1/2023 100.000 5/1/2027 4.250% 1,615,000.00 5/1/2023 100.000 5/1/2028 4.375% 1,685,000.00 5/1/2023 100.000 5/1/2029 5.500% 1,760,000.00 5/1/2023 100.000 5/1/2030 5.500% 1,855,000.00 5/1/2023 100.000 5/1/2031 5.500% 1,955,000.00 5/1/2023 100.000 5/1/2032 5.500% 2,065,000.00 5/1/2023 100.000 5/1/2033 5.500% 2,175,000.00 5/1/2023 100.000 5/1/2034 5.000% 940,000.00 5/1/2023 100.000 5/1/2035 5.000% 985,000.00 5/1/2023 100.000 5/1/2036 5.000% 1,035,000.00 5/1/2023 100.000 5/1/2037 5.000% 1,085,000.00 5/1/2023 100.000 5/1/2038 5.000% 1,140,000.00 5/1/2023 100.000
27,055,000.00
52 Joseph M. Torsella, Pennsylvania State Treasurer
SAVINGS
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Montgomery County Community College Project
Present Value to 11/01/2020 Date Prior Debt Service Refunding Debt Service Savings @ 2.2135395%
6/30/2021 646,746.88 533,002.00 113,744.88 112,499.77 6/30/2022 1,293,493.76 1,124,468.00 169,025.76 167,331.75 6/30/2023 1,293,493.76 1,125,472.00 168,021.76 162,759.08 6/30/2024 4,828,493.76 4,660,730.50 167,763.26 159,000.25 6/30/2025 4,827,093.76 4,657,936.00 169,157.76 156,332.13 6/30/2026 2,555,093.76 2,383,420.00 171,673.76 154,703.93 6/30/2027 2,556,156.26 2,388,242.00 167,914.26 147,915.34 6/30/2028 2,557,518.76 2,390,566.00 166,952.76 143,710.86 6/30/2029 2,558,800.00 2,387,748.00 171,052.00 143,816.73 6/30/2030 2,557,000.00 2,386,239.00 170,761.00 140,201.05 6/30/2031 2,554,975.00 2,387,878.50 167,096.50 133,982.54 6/30/2032 2,557,450.00 2,386,468.50 170,981.50 133,818.84 6/30/2033 2,553,875.00 2,386,919.00 166,956.00 127,578.96 6/30/2034 1,199,250.00 1,029,019.50 170,230.50 126,959.48 6/30/2035 1,197,250.00 1,026,680.50 170,569.50 124,342.34 6/30/2036 1,198,000.00 1,027,929.50 170,070.50 121,179.95 6/30/2037 1,196,250.00 1,027,916.00 168,334.00 117,250.20 6/30/2038 1,197,000.00 1,026,939.50 170,060.50 115,784.18 39,327,940.70 36,337,574.50 2,990,366.20 2,489,167.38
Savings Summary
PV of savings from cash flow 2,489,167.38 Plus: Refunding funds on hand 3,385.06 Net PV Savings 2,492,552.44
53 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
BOND PRICING
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Montgomery County Community College Project
Bond Component Maturity Date Amount Rate Yield Price
Bond Component:
5/1/2021 240,000 0.640% 0.640% 100.000
5/1/2022 540,000 0.740% 0.740% 100.000
5/1/2023 545,000 0.870% 0.870% 100.000
5/1/2024 4,085,000 1.170% 1.170% 100.000
5/1/2025 4,130,000 1.320% 1.320% 100.000
5/1/2026 1,910,000 1.580% 1.580% 100.000
5/1/2027 1,945,000 1.680% 1.680% 100.000
5/1/2028 1,980,000 1.910% 1.910% 100.000
5/1/2029 2,015,000 2.060% 2.060% 100.000
5/1/2030 2,055,000 2.110% 2.110% 100.000
5/1/2031 2,100,000 2.210% 2.210% 100.000
5/1/2032 2,145,000 2.310% 2.310% 100.000
5/1/2033 2,195,000 2.410% 2.410% 100.000
5/1/2034 890,000 2.510% 2.510% 100.000
5/1/2035 910,000 2.610% 2.610% 100.000 27,685,000
Term Bond due 2038: 5/1/2038 2,895,000 3.210% 3.210% 100.000 30,580,000
Dated Date 11/1/2020 Delivery Date 11/1/2020 First Coupon 5/1/2021
Par Amount 30,580,000.00 Original Issue Discount
Production 30,580,000.00 100.000000% Underwriter's Discount -152,900.00 -0.500000%
Purchase Price 30,427,100.00 99.500000% Accrued Interest
Net Proceeds 30,427,100.00
54 Joseph M. Torsella, Pennsylvania State Treasurer
Northampton Community College
https://www.northampton.edu/about.htm
Northampton Community College (NCC) is a public community college located in Bethlehem Township in Northampton County and Tannersville in Monroe County, founded in 1967. NCC also has satellite locations in the south side of Bethlehem and Hawley. NCC grants associate’s degrees, certificates and diplomas in more than 100 fields, including the arts and humanities, business and technology, education and allied health. NCC is also one of the largest providers of workforce training, adult literacy programs, and noncredit classes in a four-county region and the only community college in Pennsylvania to offer on-campus housing. NCC serves more than 34,000 students a year in credit and noncredit programs. NCC’s current president is Dr. Mark H. Erickson.
Northampton Community College’s total debt obligation is composed of College Revenue Bonds issued by the State Public School Building Authority. Bond proceeds were used for the purpose of financing the construction of a new campus in Monroe County, Pennsylvania, financing the construction of new dormitory facilities, and building renovations.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$75,679,120 $9,730,086 4.423% Yes
Review of Outstanding Debt Obligations
For Northampton Community College – Total Debt Service – refer to page 145.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$75,679,119.94 $- $- $75,679,119.94
100% 0% 0% 100%
55 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Refinancing Recommendation
SUMMARY OF REFUNDING RESULTS
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Northampton Community College Project
Dated Date 11/1/2020 Delivery Date 11/1/2020 Arbitrage yield 1.838228% Escrow yield 0.128328% Value of Negative Arbitrage 1,039,007.02
Bond Par Amount 78,420,000.00 True Interest Cost 1.927775% Net Interest Cost 1.933446% Average Coupon 1.850240% Average Life 6.009
Par amount of refunded bonds 74,025,000.00 Average coupon of refunded bonds 5.192686% Average life of refunded bonds 6.296
PV of prior debt to 11/01/2020 @ 1.838228% 89,343,998.62 Net PV Savings 10,924,924.95 Percentage savings of refunded bonds 14.758426% Percentage savings of refunding bonds 13.931299%
56 Joseph M. Torsella, Pennsylvania State Treasurer
SUMMARY OF BONDS REFUNDED
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Northampton Community College Project
Bond Maturity Date Interest Rate Par Amount Call Date Call Price
Series 2011, SERIAL1: 3/1/2021 5.250% 3,205,000.00 3/1/2022 5.250% 3,375,000.00 3/1/2021 100.000 3/1/2023 5.500% 3,555,000.00 3/1/2021 100.000 3/1/2024 5.250% 2,900,000.00 3/1/2021 100.000 3/1/2025 5.250% 3,940,000.00 3/1/2021 100.000 3/1/2026 5.125% 4,150,000.00 3/1/2021 100.000 3/1/2027 5.125% 1,250,000.00 3/1/2021 100.000 3/1/2028 5.250% 1,500,000.00 3/1/2021 100.000 23,875,000.00
Series 2011, SERIAL2: 3/1/2024 4.750% 850,000.00 3/1/2021 100.000 3/1/2027 5.500% 3,110,000.00 3/1/2021 100.000 3/1/2028 5.500% 3,095,000.00 3/1/2021 100.000 3/1/2029 5.500% 4,845,000.00 3/1/2021 100.000 3/1/2030 5.500% 5,110,000.00 3/1/2021 100.000 3/1/2031 5.500% 5,390,000.00 3/1/2021 100.000 22,400,000.00
Series A of 2014, BOND: 6/15/2021 5.000% 1,205,000.00 6/15/2022 5.000% 1,260,000.00 6/15/2023 5.000% 1,325,000.00 6/15/2022 100.000 6/15/2024 5.000% 1,390,000.00 6/15/2022 100.000 6/15/2025 5.000% 1,455,000.00 6/15/2022 100.000 6/15/2026 5.000% 1,535,000.00 6/15/2022 100.000 6/15/2027 5.000% 1,610,000.00 6/15/2022 100.000 6/15/2028 5.000% 1,690,000.00 6/15/2022 100.000 6/15/2029 5.000% 1,780,000.00 6/15/2022 100.000 6/15/2030 4.000% 1,865,000.00 6/15/2022 100.000 6/15/2031 5.000% 1,935,000.00 6/15/2022 100.000 6/15/2032 5.000% 2,030,000.00 6/15/2022 100.000 6/15/2033 5.000% 2,135,000.00 6/15/2022 100.000 6/15/2034 5.000% 2,245,000.00 6/15/2022 100.000 23,460,000.00
57 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
SUMMARY OF BONDS REFUNDED
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Northampton Community College Project
Bond Maturity Date Interest Rate Par Amount Call Date Call Price
Series B of 2014, BOND: 9/1/2021 5.000% 1,005,000.00 9/1/2022 3.250% 1,045,000.00 9/1/2023 5.000% 1,095,000.00 9/1/2022 100.000 9/1/2024 5.000% 1,145,000.00 9/1/2022 100.000 4,290,000.00 74,025,000.00
58 Joseph M. Torsella, Pennsylvania State Treasurer
SAVINGS
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Northampton Community College Project
Present Value to 11/01/2020 Date Prior Debt Service Refunding Debt Service Savings @ 1.8382278%
6/30/2021 6,903,056.25 6,321,772.44 581,283.81 602,424.75 6/30/2022 9,218,125.00 8,344,490.00 873,635.00 903,353.17 6/30/2023 9,220,831.25 8,346,358.00 874,473.25 887,083.73 6/30/2024 9,224,700.00 8,348,413.50 876,286.50 872,147.48 6/30/2025 9,211,575.00 8,333,003.50 878,571.50 857,833.00 6/30/2026 8,048,350.00 7,170,719.50 877,630.50 825,288.14 6/30/2027 8,043,912.50 7,166,100.50 877,812.00 809,694.89 6/30/2028 8,043,300.00 7,168,580.50 874,719.50 791,486.36 6/30/2029 8,049,825.00 7,174,239.50 875,585.50 777,053.44 6/30/2030 8,044,350.00 7,167,455.50 876,894.50 763,206.89 6/30/2031 8,038,700.00 7,164,608.50 874,091.50 746,245.20 6/30/2032 2,350,500.00 1,471,897.50 878,602.50 711,096.58 6/30/2033 2,354,000.00 1,480,250.50 873,749.50 694,096.07 6/30/2034 2,357,250.00 1,481,269.50 875,980.50 682,988.93 99,108,475.00 87,139,158.94 11,969,316.06 10,923,998.62
Savings Summary
PV of savings from cash flow 10,923,998.62 Plus: Refunding funds on hand 926.33 Net PV Savings 10,924,924.95
59 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
BOND PRICING
State Public School Building Authority College Revenue Bonds, Series 2020 (Federally Taxable) Northampton Community College Project
Bond Component Maturity Date Amount Rate Yield Price
Bond Component:
6/15/2021 5,575,000 0.640% 0.640% 100.000
6/15/2022 7,180,000 0.740% 0.740% 100.000
6/15/2023 7,235,000 0.870% 0.870% 100.000
6/15/2024 7,300,000 1.170% 1.170% 100.000
6/15/2025 7,370,000 1.320% 1.320% 100.000
6/15/2026 6,305,000 1.580% 1.580% 100.000
6/15/2027 6,400,000 1.680% 1.680% 100.000
6/15/2028 6,510,000 1.910% 1.910% 100.000
6/15/2029 6,640,000 2.060% 2.060% 100.000
6/15/2030 6,770,000 2.110% 2.110% 100.000
6/15/2031 6,910,000 2.210% 2.210% 100.000
6/15/2032 1,370,000 2.310% 2.310% 100.000
6/15/2033 1,410,000 2.410% 2.410% 100.000
6/15/2034 1,445,000 2.510% 2.510% 100.000
78,420,000
Dated Date 11/1/2020 Delivery Date 11/1/2020 First Coupon 12/15/2020
Par Amount 78,420,000.00 Original Issue Discount
Production 78,420,000.00 100.000000% Underwriter's Discount -392,100.00 -0.500000%
Purchase Price 78,027,900.00 99.500000% Accrued Interest
Net Proceeds 78,027,900.00
60 Joseph M. Torsella, Pennsylvania State Treasurer
Pennsylvania State System of Higher Education
https://www.passhe.edu/About/Pages/About.aspx
Pennsylvania’s State System of Higher Education was established by statute on July 1, 1983, although the 14 universities that comprise the State System have a much longer history dating back to the 19th century.
The universities combine to enroll the largest number of Pennsylvania residents among all four-year colleges and universities in the Commonwealth. With nearly 100,000 degree-seeking students and thousands more enrolled in certificate and other career development programs, the State System is a vital contributor to Pennsylvania’s economy. Collectively, the State System universities offer more than 2,300 degree and certificate programs in more than 530 academic areas. The universities have nearly 800,000 living alumni, the vast majority of whom reside in Pennsylvania.
The State System is undertaking a System Redesign, which began last year with a top-to-bottom review of the universities and the Office of the Chancellor. As a result of that review, the Board established three priorities: ensuring student success; leveraging the universities’ strengths; and transforming the System’s governance structure. The Board also affirmed its commitment to ensuring the long-term sustainability of all 14 institutions within the System so that each may continue to serve students, its region and the Commonwealth.
A 20-member Board of Governors is responsible for oversight of the State System. The Board establishes broad educational, fiscal, and personnel policies. Among other tasks, the Board appoints the chancellor and each university president, approves new academic programs, sets tuition, and coordinates and approves the annual State System operating budget. Additionally, each university has a Council of Trustees that serves as a policy-setting board for the university.
The State System of Higher Education manages the debt obligation for each of its member universities. The State System’s outstanding bonds are both tax-exempt and taxable revenue bonds and are issued by the Pennsylvania Higher Educational Facilities Authority (PHEFA). In connection with the bond issuance, the State System entered into a loan agreement with PHEFA under which the State System has pledged its full faith and credit for the repayment of the bonds. The loan constitutes an unsecured general obligation of the State System. Senior or subordinate debt does not apply to its outstanding bonds. Bond debt is primarily paid from student fees for auxiliary projects such as dining, housing, and recreation centers.
61 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$1,114,600,000 $112,593,689 3.893% Yes
Review of Outstanding Debt Obligations
For Pennsylvania’s State System of Higher Education – Total Debt Service – refer to page 146.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$1,114,600,000.00 $- $- $ 1,114,600,000.00
100% 0% 0% 100%
62 Joseph M. Torsella, Pennsylvania State Treasurer
Refinancing Recommendation
SUMMARY OF REFUNDING RESULTS
State System of Higher Education Revenue Refunding Bonds Series 2020 (Federally Taxable)
Dated Date 11/1/2020 Delivery Date 11/1/2020 Arbitrage yield 1.962585% Escrow yield 0.140513% Value of Negative Arbitrage 1,999,210.89
Bond Par Amount 110,410,000.00 True Interest Cost 2.047033% Net Interest Cost 2.058380% Average Coupon 1.980779% Average Life 6.443
Par amount of refunded bonds 103,090,000.00 Average coupon of refunded bonds 4.555743% Average life of refunded bonds 7.155
PV of prior debt to 11/01/2020 @ 1.962585% 122,238,704.10 Net PV Savings 11,829,618.04 Percentage savings of refunded bonds 11.475039% Percentage savings of refunding bonds 10.714263%
63 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
SUMMARY OF BONDS REFUNDED
State System of Higher Education Revenue Refunding Bonds Series 2020 (Federally Taxable)
Bond Maturity Date Interest Rate Par Amount Call Date Call Price
Series AM, BOND: 6/15/2021 5.000% 5,495,000.00 6/15/2022 5.000% 5,775,000.00 6/15/2021 100.000 6/15/2023 5.250% 6,080,000.00 6/15/2021 100.000 6/15/2024 5.250% 6,420,000.00 6/15/2021 100.000 6/15/2025 4.000% 6,770,000.00 6/15/2021 100.000 6/15/2026 4.000% 7,065,000.00 6/15/2021 100.000 6/15/2027 4.000% 5,820,000.00 6/15/2021 100.000 6/15/2028 4.125% 6,055,000.00 6/15/2021 100.000 6/15/2029 5.000% 6,300,000.00 6/15/2021 100.000 6/15/2030 5.000% 6,615,000.00 6/15/2021 100.000 6/15/2031 4.500% 6,945,000.00 6/15/2021 100.000 6/15/2032 4.375% 1,920,000.00 6/15/2021 100.000 6/15/2033 4.375% 2,005,000.00 6/15/2021 100.000 6/15/2034 4.500% 2,090,000.00 6/15/2021 100.000 6/15/2035 4.500% 2,185,000.00 6/15/2021 100.000 6/15/2036 4.500% 2,285,000.00 6/15/2021 100.000 79,825,000.00
Series AQ-1, BOND: 6/15/2021 5.000% 455,000.00 6/15/2022 5.000% 485,000.00 6/15/2023 5.000% 505,000.00 6/15/2024 3.375% 410,000.00 6/15/2023 100.000 6/15/2025 3.500% 425,000.00 6/15/2023 100.000 6/15/2026 3.625% 440,000.00 6/15/2023 100.000 6/15/2027 3.875% 455,000.00 6/15/2023 100.000 6/15/2028 4.000% 475,000.00 6/15/2023 100.000 6/15/2029 4.250% 490,000.00 6/15/2023 100.000 6/15/2030 4.250% 515,000.00 6/15/2023 100.000 6/15/2031 4.250% 535,000.00 6/15/2023 100.000 6/15/2032 4.250% 560,000.00 6/15/2023 100.000 6/15/2033 4.250% 580,000.00 6/15/2023 100.000 6/15/2034 4.500% 605,000.00 6/15/2023 100.000 6/15/2035 4.500% 635,000.00 6/15/2023 100.000 6/15/2036 4.500% 660,000.00 6/15/2023 100.000 6/15/2037 4.500% 690,000.00 6/15/2023 100.000 6/15/2038 4.500% 720,000.00 6/15/2023 100.000 9,640,000.00
64 Joseph M. Torsella, Pennsylvania State Treasurer
SUMMARY OF BONDS REFUNDED
State System of Higher Education Revenue Refunding Bonds Series 2020 (Federally Taxable)
Bond Maturity Date Interest Rate Par Amount Call Date Call Price
Series AQ-2, BOND: 6/15/2021 4.000% 800,000.00 6/15/2022 4.000% 835,000.00 6/15/2023 4.000% 865,000.00 6/15/2024 4.125% 900,000.00 6/15/2023 100.000 6/15/2025 4.300% 940,000.00 6/15/2023 100.000 6/15/2026 4.400% 980,000.00 6/15/2023 100.000 6/15/2027 4.600% 1,020,000.00 6/15/2023 100.000 6/15/2028 5.000% 1,070,000.00 6/15/2023 100.000 6/15/2029 5.000% 1,125,000.00 6/15/2023 100.000 6/15/2030 5.000% 1,180,000.00 6/15/2023 100.000 6/15/2031 5.000% 1,240,000.00 6/15/2023 100.000 6/15/2032 5.200% 1,300,000.00 6/15/2023 100.000 6/15/2033 5.200% 1,370,000.00 6/15/2023 100.000 13,625,000.00 103,090,000.00
65 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
SAVINGS
State System of Higher Education Revenue Refunding Bonds Series 2020 (Federally Taxable)
Present Value Prior Debt Annual to 11/01/2020 @ Date Service Refunding Debt Service Savings Savings 1.9625846%
12/15/2020 2,367,240.63 214,815.64 2,152,424.99 2,147,293.23 6/15/2021 9,117,240.63 10,738,791.25 -1,621,550.62 -1,601,964.60 6/30/2021 530,874.37 12/15/2021 2,202,490.63 847,239.25 1,355,251.38 1,325,871.21 6/15/2022 9,297,490.63 9,857,239.25 -559,748.62 -542,292.49 6/30/2022 795,502.76 12/15/2022 2,029,290.63 813,902.25 1,215,388.38 1,166,043.39 6/15/2023 9,479,290.63 9,898,902.25 -419,611.62 -398,663.26 6/30/2023 795,776.76 12/15/2023 1,839,765.63 774,382.50 1,065,383.13 1,002,359.70 6/15/2024 9,569,765.63 9,839,382.50 -269,616.87 -251,202.48 6/30/2024 795,766.26 12/15/2024 1,645,759.38 721,352.25 924,407.13 852,902.17 6/15/2025 9,780,759.38 9,906,352.25 -125,592.87 -114,751.93 6/30/2025 798,814.26 12/15/2025 1,482,711.88 660,731.25 821,980.63 743,730.63 6/15/2026 9,967,711.88 9,995,731.25 -28,019.37 -25,105.65 6/30/2026 793,961.26 12/15/2026 1,311,876.88 586,984.75 724,892.13 643,199.39
6/15/2027 8,606,876.88 8,536,984.75 69,892.13 61,412.90
6/30/2027 794,784.26
12/15/2027 1,163,201.25 520,204.75 642,996.50 559,498.59
6/15/2028 8,763,201.25 8,610,204.75 152,996.50 131,835.07
6/30/2028 795,993.00
12/15/2028 1,002,066.88 442,945.25 559,121.63 477,105.95
6/15/2029 8,917,066.88 8,677,945.25 239,121.63 202,062.85
6/30/2029 798,243.26
12/15/2029 806,029.38 358,124.75 447,904.63 374,810.93
6/15/2030 9,116,029.38 8,768,124.75 347,904.63 288,300.89
6/30/2030 795,809.26
12/15/2030 600,210.63 269,399.25 330,811.38 271,472.15
6/15/2031 9,320,210.63 8,854,399.25 465,811.38 378,541.95
6/30/2031 796,622.76
12/15/2031 401,579.38 174,535.00 227,044.38 182,714.81
6/15/2032 4,181,579.38 3,614,535.00 567,044.38 451,896.65
66 Joseph M. Torsella, Pennsylvania State Treasurer
SAVINGS
State System of Higher Education Revenue Refunding Bonds Series 2020 (Federally Taxable)
Present Value Prior Debt Annual to 11/01/2020 @ Date Service Refunding Debt Service Savings Savings 1.9625846%
6/30/2030 795,809.26
12/15/2032 313,879.38 134,803.00 179,076.38 141,325.15
6/15/2033 4,268,879.38 3,649,803.00 619,076.38 483,820.71
6/30/2033 798,152.76
12/15/2033 222,075.00 92,447.25 129,627.75 100,322.25
6/15/2034 2,917,075.00 2,252,447.25 664,627.75 509,374.08
6/30/2034 794,255.50
12/15/2034 161,437.50 65,339.25 96,098.25 72,934.49
6/15/2035 2,981,437.50 2,280,339.25 701,098.25 526,933.01
6/30/2035 797,196.50
12/15/2035 97,987.50 36,433.50 61,554.00 45,813.33
6/15/2036 3,042,987.50 2,306,433.50 736,554.00 542,874.28
6/30/2036 798,108.00
12/15/2036 31,725.00 31,725.00 23,155.57
6/15/2037 721,725.00 721,725.00 521,656.44
6/30/2037 753,450.00
12/15/2037 16,200.00 16,200.00 11,595.43
6/15/2038 736,200.00 736,200.00 521,827.30
6/30/2038 752,400.00
138,481,055.12 124,501,255.39 13,979,799.73 13,979,799.73 11,828,704.10
Savings Summary
PV of savings from cash flow 11,828,704.10 Plus: Refunding funds on hand 913.94 Net PV Savings 11,829,618.04
67 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
BOND PRICING
State System of Higher Education Revenue Refunding Bonds Series 2020 (Federally Taxable)
Bond Component Maturity Date Amount Rate Yield Price
Bond Component:
6/15/2021 9,860,000 0.640% 0.640% 100.000
6/15/2022 9,010,000 0.740% 0.740% 100.000
6/15/2023 9,085,000 0.870% 0.870% 100.000
6/15/2024 9,065,000 1.170% 1.170% 100.000
6/15/2025 9,185,000 1.320% 1.320% 100.000
6/15/2026 9,335,000 1.580% 1.580% 100.000
6/15/2027 7,950,000 1.680% 1.680% 100.000
6/15/2028 8,090,000 1.910% 1.910% 100.000
6/15/2029 8,235,000 2.060% 2.060% 100.000
6/15/2030 8,410,000 2.110% 2.110% 100.000
6/15/2031 8,585,000 2.210% 2.210% 100.000
6/15/2032 3,440,000 2.310% 2.310% 100.000
6/15/2033 3,515,000 2.410% 2.410% 100.000
6/15/2034 2,160,000 2.510% 2.510% 100.000
6/15/2035 2,215,000 2.610% 2.610% 100.000 108,140,000
Term Bond due 2038: 6/15/2038 2,270,000 3.210% 3.210% 100.000 110,410,000
Dated Date 11/1/2020 Delivery Date 11/1/2020 First Coupon 12/15/2020
Par Amount 110,410,000.00 Original Issue Discount
Production 110,410,000.00 100.000000% Underwriter's Discount -552,050.00 -0.500000%
Purchase Price 109,857,950.00 99.500000% Accrued Interest
Net Proceeds 109,857,950.00
68 Joseph M. Torsella, Pennsylvania State Treasurer
Pennsylvania Infrastructure Investment Authority
https://www.pennvest.pa.gov/Pages/Mission.aspx
The Pennsylvania Infrastructure Investment Authority (PENNVEST) provides low-interest loans and grants for new construction or for improvements to publicly- or privately-owned drinking water, storm water or sewage treatment facilities, as well as nonpoint source pollution prevention best management practices. PENNVEST also provides loan funding to remediate brownfields sites, as well as loan funding to individual homeowners for repair or replacement of their malfunctioning on-lot septic system or first-time connection to a public sewer collection system. The Advance Funding Program provides low-interest loans to provide funding for the design and engineering needed to improve water and wastewater management systems.
Any municipality, authority or private entity that is an owner and/or operator of a drinking water, wastewater, or non-point source pollution prevention project is eligible under the PENNVEST program.
The majority of PENNVEST’s current debt obligation is composed of two tax-exempt federal revenue bonds. The remaining proportion of PENNVEST’s outstanding debt is in extendable municipal commercial paper (EMCP) under their commercial paper program.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$95,930,000 $11,535,963 4.813% Yes
Review of Outstanding Debt Obligations
For the Pennsylvania Infrastructure Investment Authority – Total Debt Service – refer to page 147.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$95,930,000.00 $- $- $95,930,000.00
100% 0% 0% 100%
69 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Refinancing Recommendation
SUMMARY OF REFUNDING RESULTS
Pennsylvania Infrastructure Investment Authority Refunding Bonds, Series 2020 (Federally Taxable)
Dated Date 11/1/2020 Delivery Date 11/1/2020 Arbitrage yield 1.681063% Escrow yield 0.282471% Value of Negative Arbitrage 2,668,599.63
Bond Par Amount 48,360,000.00 True Interest Cost 1.739483% Net Interest Cost 1.742113% Average Coupon 1.688785% Average Life 9.376
Par amount of refunded bonds 39,705,000.00 Average coupon of refunded bonds 4.289003% Average life of refunded bonds 10.361
PV of prior debt to 11/01/2020 @ 1.681063% 50,286,211.68 Net PV Savings 1,927,317.50 Percentage savings of refunded bonds 4.854093% Percentage savings of refunding bonds 3.985355%
70 Joseph M. Torsella, Pennsylvania State Treasurer
SUMMARY OF BONDS REFUNDED
Pennsylvania Infrastructure Investment Authority Refunding Bonds, Series 2020 (Federally Taxable)
Bond Maturity Date Interest Rate Par Amount Call Date Call Price
Series A of 2015, BOND: 5/15/2026 5.000% 3,310,000.00 5/15/2025 100.000 5/15/2027 5.000% 3,440,000.00 5/15/2025 100.000 5/15/2028 5.000% 3,575,000.00 5/15/2025 100.000 5/15/2029 5.000% 3,720,000.00 5/15/2025 100.000 5/15/2030 3.375% 3,870,000.00 5/15/2025 100.000 5/15/2031 5.000% 4,025,000.00 5/15/2025 100.000 5/15/2032 4.000% 4,185,000.00 5/15/2025 100.000 5/15/2033 4.000% 4,350,000.00 5/15/2025 100.000 5/15/2034 4.000% 4,525,000.00 5/15/2025 100.000 5/15/2035 4.000% 4,705,000.00 5/15/2025 100.000
39,705,000.00
71 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
SAVINGS
Pennsylvania Infrastructure Investment Authority Refunding Bonds, Series 2020 (Federally Taxable)
Present Value to 11/01/2020 Date Prior Debt Service Refunding Debt Service Savings @ 1.6810629%
6/30/2021 1,744,712.50 1,646,906.76 97,805.74 104,193.96 6/30/2022 1,744,712.50 1,597,278.00 147,434.50 147,831.56 6/30/2023 1,744,712.50 1,598,904.50 145,808.00 143,832.17 6/30/2024 1,744,712.50 1,599,380.50 145,332.00 141,013.71 6/30/2025 1,744,712.50 1,598,080.50 146,632.00 139,902.16 6/30/2026 5,054,712.50 4,910,864.50 143,848.00 135,069.82 6/30/2027 5,019,212.50 4,876,344.50 142,868.00 131,493.41 6/30/2028 4,982,212.50 4,835,403.50 146,809.00 132,335.77 6/30/2029 4,948,462.50 4,800,901.50 147,561.00 130,356.29 6/30/2030 4,912,462.50 4,766,802.00 145,660.50 126,135.54 6/30/2031 4,936,850.00 4,792,974.50 143,875.50 122,327.59 6/30/2032 4,895,600.00 4,748,247.50 147,352.50 122,724.75 6/30/2033 4,893,200.00 4,748,607.50 144,592.50 118,150.98 6/30/2034 4,894,200.00 4,748,039.50 146,160.50 117,143.28 6/30/2035 4,893,200.00 4,748,565.50 144,634.50 113,700.69 58,153,675.00 56,017,300.76 2,136,374.24 1,926,211.68
Savings Summary
PV of savings from cash flow 1,926,211.68 Plus: Refunding funds on hand 1,105.82 Net PV Savings 1,927,317.50
72 Joseph M. Torsella, Pennsylvania State Treasurer
BOND PRICING
Pennsylvania Infrastructure Investment Authority Refunding Bonds, Series 2020 (Federally Taxable)
Bond Component Maturity Date Amount Rate Yield Price
Bond Component:
5/15/2021 1,250,000 0.340% 0.340% 100.000
5/15/2022 865,000 0.390% 0.390% 100.000
5/15/2023 870,000 0.520% 0.520% 100.000
5/15/2024 875,000 0.720% 0.720% 100.000
5/15/2025 880,000 0.820% 0.820% 100.000
5/15/2026 4,200,000 1.060% 1.060% 100.000
5/15/2027 4,210,000 1.210% 1.210% 100.000
5/15/2028 4,220,000 1.410% 1.410% 100.000
5/15/2029 4,245,000 1.510% 1.510% 100.000
5/15/2030 4,275,000 1.610% 1.610% 100.000
5/15/2031 4,370,000 1.710% 1.710% 100.000
5/15/2032 4,400,000 1.810% 1.810% 100.000
5/15/2033 4,480,000 1.910% 1.910% 100.000
5/15/2034 4,565,000 1.960% 1.960% 100.000
5/15/2035 4,655,000 2.010% 2.010% 100.000 48,360,000
Dated Date 11/1/2020 Delivery Date 11/1/2020 First Coupon 5/15/2021
Par Amount 48,360,000.00 Original Issue Discount
Production 48,360,000.00 100.000000% Underwriter's Discount -241,800.00 -0.500000%
Purchase Price 48,118,200.00 99.500000% Accrued Interest
Net Proceeds 48,118,200.00
73 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Bucks County Community College
https://www.bucks.edu/discover/
Bucks County Community College is a two-year community college located in Bucks County, Pennsylvania, near Philadelphia. Founded in 1964, the college has three campuses and online courses: a main campus in Newtown, an “Upper County” campus in the town of Perkasie, and a “Lower County” campus in the town of Bristol. There are also various satellite facilities located throughout the county. The college offers courses via face-to-face classroom-based instruction, as eLearning classes offered completely online (often referred to as distance learning), and in hybrid (blended) modes that combine face-to-face instruction with online learning. The college is accredited by the Middle States Commission on Higher Education. The college’s current president is Dr. Stephanie Shanblatt.
Bucks County Community College’s current debt holdings are composed of College Building Revenue Bonds issued by the County of Bucks and the Bucks County Community College Authority. This bond revenue is used by the college for capital improvements, deferred maintenance projects, and debt refunding.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$63,913,753 $8,382,542 3.625% No
Review of Outstanding Debt Obligations
For Bucks County Community College – Total Debt Service – refer to page 148.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$63,913,753.00 $- $- $63,913,753.00
100% 0% 0% 100%
74 Joseph M. Torsella, Pennsylvania State Treasurer
Butler County Community College
https://www.bc3.edu/about/index.html
Butler County Community College is a public community college founded in 1965 in Butler Township, Pennsylvania. It also offers courses in Cranberry Township, as well as in Lawrence, Mercer, and Jefferson counties. Butler County Community College has 37 career programs, 18 transfer programs, and 21 certificates in the areas of Business, Health Care, Humanities and Social Sciences and STEM (Science, Technology, Engineering, and Math). Butler County Community College is accredited by the Middle States Commission on Higher Education. The current president is Nicholas C. Neupauer.
Butler County Community College’s debt obligation is composed of College Revenue Bonds issued by the State Public School Building Authority. The college uses these bonds to finance capital improvement projects and debt refunding.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$20,175,183 $1,719,430 2.954% No
Review of Outstanding Debt Obligations
For Butler County Community College – Total Debt Service – refer to page 149.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$20,175,183.28 $- $- $20,175,183.28
100% 0% 0% 100%
75 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Center for Rural Pennsylvania
https://www.rural.palegislature.us/about_mission_statement.html
The Center for Rural Pennsylvania (CRP) is a bipartisan, bicameral legislative agency that serves as a resource for rural policy within the Pennsylvania General Assembly.
The Center works with the legislature, educators, state and federal executive branch agencies, and national, statewide, regional and local organizations to maximize resources and strategies that can better serve Pennsylvania’s nearly 3.4 million rural residents.
The Center promotes and sustains the vitality of Pennsylvania’s rural and small communities by:
• Sponsoring research projects to identify policy options for legislative and executive branch consideration and action;
• Collecting data on trends and conditions to understand the diversity of rural Pennsylvania;
• Publishing information and research results to inform and educate audiences about the diverse people and communities of rural Pennsylvania; and
• Participating in local, state and national forums on rural issues to present and learn from best practices.
The Center for Rural Pennsylvania’s outstanding debt obligations are in the form of Cooperative Agreements between the Center, the Pennsylvania State University and the Pennsylvania State System of Higher Education. Debt is assumed for the purpose of conducting CRP-sponsored research. Per the Senate and House Chief Clerks, the Center also must account for unused employee leave as a debt obligation.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$446,699 N/A N/A No
76 Joseph M. Torsella, Pennsylvania State Treasurer
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$446,699.00 $- $- $446,699.00
100% 0% 0% 100%
77 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Commonwealth Financing Authority
https://dced.pa.gov/programs-funding/commonwealth-financing-authority-cfa/
The Commonwealth Financing Authority (CFA) was established in 2004 as an independent agency of the Department of Community and Economic Development (DCED) to administer Pennsylvania’s economic stimulus packages. The CFA is one of the largest single issuers of debt in the Commonwealth. The CFA holds fiduciary responsibility over the funding of programs and investments in Pennsylvania’s economic growth. Unique among state agencies in structure and scope, the CFA consists of seven Board members: four legislative appointees and the secretaries of DCED, the Office of the Budget and the Department of Banking and Securities. Project approval requires five affirmative votes, four of which must come from legislative appointees.
The CFA is an issuer of taxable and tax-exempt bonds and has issued bonds for the purpose of providing funding for its several grant, loan and guaranty programs established under its enabling legislation as well as the H2O PA Act and the Alternative Energy Investment Act. The sources for repayment of debt service on any outstanding issuances remaining are the General Fund, Gaming Economic Development and Tourism Fund ( GEDTF) and any unexpended bond proceeds. The CFA has also issued bonds for projects/programs in which the Commonwealth’s General Fund or other pledged funds are the source of revenue repayment for debt service on bonds issued.
Act 43 of 201717 authorized the Commonwealth Financing Authority to issue $1.5 billion in bonds backed by future revenues due to Pennsylvania under the Tobacco Master Settlement Agreement (MSA). In February 2018, CFA issued $1.487 billion worth of bonds with a term of 20 years and an interest rate of five percent. The 2019 Fiscal Code (Act 20 of 201918) requires revenues from the MSA to be used to pay the debt service on the bonds issued by CFA.
Additionally, the CFA authorizes borrowing for Planning and Construction Workbook (PlanCon) projects. When a school district undertakes a major school construction project and seeks reimbursement from the Commonwealth, a process known as PlanCon is initiated. PlanCon is a set of forms and procedures used to apply for Commonwealth reimbursement. The forms are designed to: (1) document a local school district’s planning process; (2) provide justification for a project to the public; (3) ascertain compliance with state laws, regulations and standards; and (4) establish the level of state participation in the cost of the project.
Outstanding Debt - Original Indenture - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$311,145,000 $61,900,680 4.750% No
78 (17) https://www.legis.state.pa.us/cfdocs/legis/li/uconsCheck.cfm?yr=2017&sessInd=0&act=43. (18) https://www.legis.state.pa.us/cfdocs/legis/li/uconsCheck.cfm?yr=2019&sessInd=0&act=20. Joseph M. Torsella, Pennsylvania State Treasurer
Outstanding Debt - H2O - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$633,595,000 $54,303,369 4.441% No
Outstanding Debt - Energy - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$327,175,000 $31,456,703 4.338% No
Outstanding Debt - PlanCon - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$1,559,680,000 $61,180,766 3.739% No
Outstanding Debt - Tobacco - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$1,442,635,000 $115,370,1500 4.500% No
Review of Outstanding Debt Obligations
For Commonwealth Financing Authority – Total Debt Service – refer to page 150.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$4,274,230,000.00 $- $- $4,274,230,000.00
100% 0% 0% 100% 79 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Community College of Allegheny County
https://www.ccac.edu/about/index.php
Community College of Allegheny County (CCAC) is a public community college in Allegheny County, Pennsylvania. The college opened Boyce Campus in Monroeville, and Allegheny Campus on Pittsburgh’s North Side, in 1966. The following year, South Campus was opened; North Campus opened in 1972. The college also has centers, beyond the main campuses, that offer classes. Currently, the college offers nearly 160 degree, certificate, diploma and transfer programs across all of its locations. The college is accredited by the Middle States Commission on Higher Education. The college’s current president is Quintin B. Bullock.
The total debt obligation of the Community College of Allegheny County is composed of College Revenue Bonds issued by the State Public School Building Authority. Bond proceeds are being used for construction of new instructional facilities, renovation of historical buildings, IT improvements, payment of bond issuance expenses, and bond refunding.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$97,243,996 $10,012,911 3.118% No
Review of Outstanding Debt Obligations
For Community College of Allegheny County – Total Debt Service – refer to page 155.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$97,243,996.00 $- $- $97,243,996.00
100% 0% 0% 100%
80 Joseph M. Torsella, Pennsylvania State Treasurer
Community College of Philadelphia
https://www.ccp.edu/why-choose-us
The Community College of Philadelphia is a public community college located in Philadelphia, Pennsylvania, founded in 1965. The college is housed in the Snellenberg’s Building at 34 South 11th Street. The college grants over 70 associate’s degrees, academic certificates, and proficiency certificates. The college offers traditional, evening, weekend and online courses, including online degree programs. The college is accredited by the Middle States Commission on Higher Education. The current president of the college is Dr. Donald Generals.
The total debt obligation of the Community College of Philadelphia is composed of College Revenue Bonds issued by the State Public School Building Authority. Bond proceeds are being used for construction of a new instructional facility – the Career and Advanced Technology Center – and construction of other campus facilities.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$70,057,285 $10,942,683 3.835% No
Review of Outstanding Debt Obligations
For Community College of Philadelphia – Total Debt Service – refer to page 156.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$70,057,285.00 $- $- $70,057,285.00
100% 0% 0% 100%
81 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Delaware County Community College
https://www.dccc.edu/about/about-college/history
Delaware County Community College (DCCC) is a public community college in the Delaware Valley of Pennsylvania that serves Delaware and Chester counties, with locations in the Pennsylvania suburbs of Marple Township, Sharon Hill, Upper Darby, Downingtown, Exton, Phoenixville and West Grove. DCCC was officially founded in 1967. The college offers associate’s degrees and certificate programs and is accredited by the Middle States Commission on Higher Education. The current president is Dr. L. Joy Gates Black.
The total debt obligation of the Delaware County Community College is primarily composed of College Revenue Bonds issued by the State Public School Building Authority. The college has borrowed additional amounts from the State Public School Building Authority for infrastructure improvements at its Downingtown and Marple campus locations. The college has also entered into capital lease agreements with Dell Financial Services and operating leases for instructional and office spaces in Delaware and Chester counties.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$58,317,089 $7,846,566 3.487% No
Review of Outstanding Debt Obligations
For Delaware County Community College – Total Debt Service – refer to page 157.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$58,317,089.00 $- $- $58,317,089.00
100% 0% 0% 100%
82 Joseph M. Torsella, Pennsylvania State Treasurer
Department of General Services
https://www.dgs.pa.gov/About/Pages/default.aspx
The Department of General Services (DGS) was created by Act 45 of 1975 by the merger of the Department of Property and Supplies and the General State Authority. It provides shared services to support the business operations of all agencies of the Commonwealth of Pennsylvania. With DGS’s assistance and oversight, its customers procure necessary goods and services, obtain new and renovated facilities, and operate fleet vehicles efficiently. DGS also serves local governments, nonprofit organizations and the public by handling insurance claims, distributing surplus property, and providing police and security services.
All of DGS’s current outstanding debt is associated with bonds issued to finance Guaranteed Energy Savings Act (GESA) program contracts. The Energy & Resource Management Office within DGS uses the Guaranteed Energy Savings Act as a vehicle to decrease growing utility costs across the Commonwealth. This is accomplished through a progressive contracting process that enables mass upgrades of building components such as lighting, HVAC, water, etc. to be replaced through a budget neutral process. These upgrades significantly reduce energy usage, which results in decreased utility spending. The Energy & Resource Management Office is responsible for facilitating this process for Commonwealth agencies.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$116,770,794 $10,665,939 3.467% No
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$116,770,794.37 $- $- $116,770,794.37
100% 0% 0% 100%
83 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Department of Military and Veterans Affairs
https://www.dmva.pa.gov/dmvaoffices/Pages/default.aspx
Pennsylvania’s Department of Military and Veterans Affairs (DMVA) was formed to provide service to the Commonwealth’s veterans and their families, and to oversee and support the members of the Pennsylvania National Guard (PNG). The DMVA fulfills its objectives by:
• Providing resources and assistance to Pennsylvania’s nearly 800,000 veterans and their families, and providing quality care for aging and disabled veterans.
• Preparing the PNG for combat, performing worldwide combat and combat support operations, providing global reach and the projection of U.S. military power in support of national objectives, and, at the command of the Governor, providing trained personnel to support state and local authorities in times of natural disaster or civil strife.
Created by the Act of April 11, 1793, the Adjutant General Department was later renamed the Department of Military Affairs by the Administrative Code of 1923. The Act of March 21, 1996, changed the name to what it is known by today – the Department of Military and Veterans Affairs.
All of the DMVA’s outstanding debt obligations are through Guaranteed Energy Savings Agreements (GESAs) intended to promote energy efficiency in veterans homes and other DMVA installations.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$827,419 $669,835 4.207% No
Review of Outstanding Debt Obligations
For the Department of Military and Veterans Affairs – Total Debt Service – refer to page 158.
84 Joseph M. Torsella, Pennsylvania State Treasurer
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$827,419.04 $- $- $827,419.04
100% 0% 0% 100%
85 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Lehigh Carbon Community College
https://www.lccc.edu/about-lccc
Lehigh Carbon Community College (LCCC) is located in Schnecksville, Pennsylvania, and was founded in 1966. LCCC served more than 10,000 credit and 4,500 noncredit students in 2018-19 from Lehigh, Carbon, Schuylkill and surrounding counties and offered more than 90 programs of study in business, education, communication, computer science, technology, humanities, health care, science, engineering and math. From the main campus in Schnecksville and modern sites in Allentown, Tamaqua, Jim Thorpe and the Lehigh Valley International Airport, Lehigh Carbon offers two-year associate’s degrees, certificate and specialized diploma programs, and workforce training for students studying either full-time, part-time or online. The college is accredited by the Middle States Commission on Higher Education. The current president of the college is Dr. Ann D. Bieber.
Lehigh Carbon Community College’s outstanding debt consists of College Revenue Bonds issued by the Lehigh County General Purpose Authority (Series 2016) and College Revenue Bonds issued by the Pennsylvania State Public School Building Authority (Series 2013). Bond proceeds are being used for the leasing of buildings and equipment.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$12,430,000 $1,634,632 3.572% No
Review of Outstanding Debt Obligations
For Lehigh Carbon Community College – Total Debt Service – refer to page 159.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$12,430,000.00 $- $- $12,430,000.00
100% 0% 0% 100%
86 Joseph M. Torsella, Pennsylvania State Treasurer
Luzerne County Community College
https://www.luzerne.edu/about/history.jsp
Luzerne County Community College (LCCC) is a public community college located in Nanticoke, Pennsylvania, founded in 1967. LCCC currently offers 82 occupational programs, 24 liberal arts/ transfer programs, and 10 credit-free career training programs. LCCC uses an open admissions policy for most programs, and has over 32,000 graduates. In addition to the 167-acre main campus in Nanticoke, the school maintains 7 satellite learning centers located throughout Northeastern Pennsylvania. Satellite college centers are located in Berwick, Wilkes-Barre, Scranton, Shamokin, Hazleton, Pittston, and Watsontown. LCCC is accredited by the Commission on Higher Education of the Middle States Association of Colleges and Schools. The college’s current president is Thomas P. Leary.
Luzerne County Community College’s outstanding debt is composed of a Hazleton Area Industrial Development Authority Guaranteed College Revenue Bond, as well as a 2017 lease and sublease agreement between the college and the General Municipal Authority of the City of Nanticoke. Bond proceeds were used for construction of a new Culinary Arts Institute facility, financing capital improvements, and financing of an energy efficiency improvement project.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$9,352,164 $810,057 3.760% No
Review of Outstanding Debt Obligations
For Luzerne County Community College – Total Debt Service – refer to page 160.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$9,352,163.96 $- $- $9,352,163.96
100% 0% 0% 100%
87 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Pennsylvania Economic Development Financing Authority
https://dced.pa.gov/programs/pennsylvania-economic-development-financing-authority-pedfa-tax-exempt- bond-program/
https://dced.pa.gov/programs/pennsylvania-economic-development-financing-authority-pedfa-taxable-bond- program/
The Pennsylvania Economic Development Financing Authority (PEDFA) is a subsidiary of DCED and a very large issuer of debt in the Commonwealth. PEDFA administers both a tax exempt and a taxable bond program which can be used for land and building acquisition, building renovation and new construction, machinery and equipment acquisition and installation, designed infrastructure, refinancing and working capital. PEDFA’s competitive interest rates and affordable closing costs make the financing cost effective for projects of all sizes. Depending on the size of the project, the bond may be a stand-alone bond or it may be part of its Composite Bond Pool.
PEDFA has the authority to issue two types of bonds. Tax-Exempt bonds are bonds for which the interest earned by the bondholders is excluded from federal income tax. Since these bonds are more attractive to investors, the interest cost of Tax-Exempt bonds is restricted by federal law. Taxable bonds have a higher interest rate than Tax-Exempt bonds, but they are not subject to the same stringent tax requirements as Tax-Exempt bonds. All businesses qualified to do business in Pennsylvania except speculative activities may be eligible for taxable financing. There are also fewer restrictions on the uses of the funds. PEDFA Applications must be submitted by a local Industrial Development Authority (IDA) or Industrial Development Corporation (IDC).
PEDFA tax-exempt and taxable bonds are currently being used to finance several capital projects throughout the Commonwealth. To date, these projects include:
• Expansion of the Pennsylvania Convention Center
• Purchase of the Forum Place in Harrisburg
• Improvement of the Capital Region Parking System
• The PA Rapid Bridge Replacement Project
• Purchase of new voting systems (pursuant to Act 77)
88 Joseph M. Torsella, Pennsylvania State Treasurer
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$1,609,962,698 $103,022,862 4.540% No
Reviewof Outstanding Debt Obligations
For the Pennsylvania Economic Development Financing Authority – Total Debt Service – refer to page 161.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$1,609,962,698.25 $- $- $1,609,962,698.25
100% 0% 0% 100%
89 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Pennsylvania Higher Education Assistance Agency
https://www.pheaa.org/about/
Created in 1963 by the Pennsylvania General Assembly, the Pennsylvania Higher Education Assistance Agency (PHEAA) has evolved into one of the nation’s leading student aid organizations. Today, PHEAA is a national provider of student financial aid services, serving millions of students and thousands of schools through its loan guaranty, loan servicing, financial aid processing, outreach, and other student aid programs. PHEAA’s earnings are used to support its public service mission and to pay its operating costs, including administration of the Pennsylvania State Grant and other state-funded student aid programs.
PHEAA conducts its student loan servicing activities nationally as FedLoan Servicing and American Education Services (AES). FedLoan Servicing was established in 2009 to support the U.S. Department of Education’s ability to service student loans owned by the federal government. FedLoan Servicing is one of a limited number of organizations approved by the Department to service these loans. AES was created to guarantee and service a variety of Federal Family Education Loan Program (FFELP) and private student loan products for lending partners throughout the nation. PHEAA additionally began offering the PA Forward Loan Program for borrowers starting in the 2019-2020 academic year. This is the only loan program that PHEAA directly administers, offering private loans to undergraduate, graduate, and parent borrowers, as well as refinancing opportunities to borrowers currently in repayment.
PHEAA’s total debt obligation is composed of Education Student Loan Revenue Bonds issued by the agency.
90 Joseph M. Torsella, Pennsylvania State Treasurer
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$854,655,372 Various Various No
Review of Outstanding Debt Obligations
For the Pennsylvania Higher Education Assistance Agency – Total Debt Service – refer to page 162.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$17,570,981.39 $- $837,084,390 $854,655,371.70
2% 0% 98% 100%
91 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Pennsylvania Higher Educational Facilities Authority/State Public School Building Authority
http://www.phefa.org/phefa/overview
http://www.phefa.org/spsba/overview
The State Public School Building Authority (SPSBA) is a public corporation and a governmental instrumentality of the Commonwealth of Pennsylvania, created by the Act of July 5, 1947 (P.L. 1217, No. 498), known as the State Public School Building Authority Act of 1947 (24 P.S. §791.1 et seq.), for the purpose of financing the construction and improvement of public school facilities. The Authority is governed by a nine-member body composed of the Governor, State Treasurer, Auditor General, Secretary of Education, Secretary of General Services, President Pro Tempore of the Senate, Speaker of the House of Representatives, Minority Leader of the Senate, and Minority Leader of the House of Representatives.
The Authority is one of the largest issuers of debt in the Commonwealth and finances projects through the issuance of revenue bonds, the principal and interest of which are paid by the annual lease/loan payments collected from public schools. The Authority serves as a financing conduit, bringing the ultimate borrower and the ultimate lender together. The goal of the Authority is to make lower cost tax-exempt financings available to school districts, community colleges, career and technical centers, and intermediate units.
The Pennsylvania Higher Educational Facilities Authority (PHEFA) is a public corporation and a public instrumentality of the Commonwealth of Pennsylvania, created by the Act of December 6, 1967 (P.L. 678, Act 318), known as the Pennsylvania Higher Educational Facilities Authority Act of 1967 (24 P.S. §5501 et seq.), to provide a source of tax-exempt financing for colleges and universities. The Authority is governed by a nine-member body composed of the Governor, State Treasurer, Auditor General, Secretary of Education, Secretary of General Services, President Pro Tempore of the Senate, Speaker of the House of Representatives, Minority Leader of the Senate, and Minority Leader of the House of Representatives.
The Authority finances projects through the issuance of revenue bonds, the principal and interest of which are paid by the annual lease/loan payments collected from colleges and universities. The Authority serves as a financing conduit, bringing the ultimate borrower and the ultimate lender together. The goal of the Authority is to make lower cost tax-exempt financings available to colleges and universities.
The SPSBA and PHEFA are both conduit bond issuers. Ultimately, the schools involved in borrowing are responsible for repayment of bond debt. The debt is not considered an obligation of the Commonwealth of Pennsylvania.
92 Joseph M. Torsella, Pennsylvania State Treasurer
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$5,783,483,804 N/A N/A No
Review of Outstanding Debt Obligations
For the Pennsylvania Higher Educational Facilities Authority/State Public School Building Authority – Total Debt Service – refer to page 163.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$5,783,483,804.00 $- $- $5,783,483,804.00
100% 0% 0% 100%
93 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Pennsylvania Housing Finance Agency
https://www.phfa.org/about/
The Pennsylvania Housing Finance Agency (PHFA) was established by the state legislature in 1972 and has grown to be a very large issuer of debt in the Commonwealth. The PHFA was intended to help provide affordable homeownership and rental apartment options for older adults, low- and moderate-income families, and people with special housing needs. PHFA programs and operations are funded primarily by the sale of securities and from fees paid by program users, not by public tax dollars. The Agency is governed by a 14-member board.
In addition to its major programs, PHFA conducts housing studies, promotes counseling and education for renters and homebuyers, encourages supportive services at apartments it has financed, administers rent subsidy contracts for the federal government, and is engaged in consumer advocacy initiatives. HFA employs a staff of more than 300 individuals organized into three functional groups: Finance and Administration; Multifamily Housing Development; and, Homeownership Programs. PHFA maintains its headquarters in Harrisburg, with regional offices in Norristown and Pittsburgh.
PHFA is an active issuer of debt in the Commonwealth – generally issuing debt multiple times per year. The agency’s primary debt holdings consist of PHFA-originated Single Family Mortgage Revenue Bonds. PHFA’s debt portfolio is composed primarily of fixed rate bonds, although the PHFA occasionally issues floating rate bonds and Variable Rate Demand Obligations.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$2,951,825,000 $174,512,704 3.163% No
Review of Outstanding Debt Obligations
For the Pennsylvania Housing Finance Agency – Total Debt Service – refer to page 167.
94 Joseph M. Torsella, Pennsylvania State Treasurer
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$2,770,495,000.00 $125,640,000 $55,690,000 $2,951,825,000.00
94% 4% 2% 100%
95 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Pennsylvania Highlands Community College
https://www.pennhighlands.edu/about/mission-vision-accreditation/
Pennsylvania Highlands Community College is a public community college located in Johnstown, Pennsylvania, and was founded in 1993 as Cambria County Community College. Satellite sites are provided in Altoona (Blair County), Ebensburg (northern Cambria County), Somerset (Somerset County), and Huntingdon (Huntingdon County). The college offers associate’s degrees, diploma programs, and certificate programs. Its high school dual enrollment program, Accelerated College Education, is accredited by the National Alliance of Concurrent Enrollment Partnerships and serves as many as 1,600 students each year in more than 50 school districts. The college is accredited by the Middle States Commission on Higher Education. The college’s current president is Dr. Steven C. Nunez.
Pennsylvania Highlands Community College’s total debt obligation is composed of College Revenue Bonds issued by the State Public School Building Authority. Bond proceeds have been used for leasehold improvements and for the purchase of network equipment.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$2,123,747 $475,791 2.200% No
Review of Outstanding Debt Obligations
For Pennsylvania Highlands Community College – Total Debt Service – refer to page 168.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$2,123,746.76 $- $- $2,123,746.76
100% 0% 0% 100%
96 Joseph M. Torsella, Pennsylvania State Treasurer
Pennsylvania Industrial Development Authority
https://dced.pa.gov/programs/pennsylvania-industrial-development-authority-pida/
The Pennsylvania Industrial Development Authority (PIDA) is a subsidiary of the DCED. The PIDA provides low-interest loans and lines of credit for eligible businesses that commit to creating and retaining full-time jobs and for the development of industrial parks and multi-tenant facilities. Loan applications are packaged and underwritten by a network of certified economic development organizations (CEDOs) that partner with PIDA to administer the program.
PIDA-issued loans can be used for land and building acquisitions; construction and renovation costs; machinery and equipment purchases; working capital and accounts receivable lines of credit, multi-tenant facility projects; and industrial park projects.
The PIDA program finances a portion of total eligible project costs. The maximum participation amount is determined by a variety of factors, such as the proposed use of the PIDA funds, the business enterprise type applying for financing, the amount of matching financing from sources outside of PIDA, and the number of full-time jobs to be retained or created.
The Pennsylvania Industrial Development Authority is an issuer of taxable and tax-exempt revenue bonds. PIDA has issued bonds for the purpose of providing funding for its industrial development loan program, refunding prior issuances or other permitted purposes under its enabling legislation.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$107,555,000 $24,844,425 4.204% No
Review of Outstanding Debt Obligations
For the Pennsylvania Industrial Development Authority – Total Debt Service – refer to page 169.
97 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$107,555,000.00 $- $- $107,555,000.00
100% 0% 0% 100%
98 Joseph M. Torsella, Pennsylvania State Treasurer
Pennsylvania Turnpike Commission
https://www.paturnpike.com/yourTurnpike/ptc_history.aspx
The Pennsylvania Turnpike Commission (PTC) was created in 1937 to construct, finance, operate, and maintain the Pennsylvania Turnpike. The commission consists of five members. Four members are appointed by the Governor of Pennsylvania, while the fifth member is the Pennsylvania Secretary of Transportation.
In addition to the Pennsylvania Turnpike, the commission also operates the James E. Ross Highway, Amos K. Hutchinson Bypass, Mon/Fayette Expressway and Pittsburgh’s Southern Beltway, the latter two of which are currently under construction.
The PTC is the only transportation agency in Pennsylvania that is not part of PennDOT. Mark Compton is the current CEO.
The PTC issues debt across five different trust indentures and currently has over 60 separate outstanding debt obligations. The overwhelming majority of the PTC’s debt obligations are composed of revenue bonds backed by Turnpike toll revenue.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$13,708,887,802 $801,638,563 4.157% No
Outstanding Debt - Mainline Senior - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$5,637,015,000 $343,163,244 4.604% No
Outstanding Debt - Mainline Subordinate - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$5,686,438,036 $310,863,946 3.385% No
99 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Outstanding Debt - Motor License Fund - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$998,614,766 $50,074,115 3.163% No
Outstanding Debt - Motor License Registration Fee - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$359,885,000 $25,294,844 4.625% No
Outstanding Debt - Oil Franchise Tax Bonds - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$573,270,000 $40,258,739 4.162% No
Outstanding Debt - Oil Franchise Tax Subordinate - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$453,665,000 $31,983,675 5.001% No
Review of Outstanding Debt Obligations
For the Pennsylvania Turnpike Commission – Total Debt Service – refer to page 170.
100 Joseph M. Torsella, Pennsylvania State Treasurer
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$12,346,262,802.00 $977,365,000 $385,260,000 $13,708,887,802.00
90% 7% 3% 100%
Outstanding Debt - Mainline Senior - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$4,797,725,000.00 $745,880,000 $93,410,000 $5,637,015,000.00
85% 13% 2% 100%
Outstanding Debt - Mainline Subordinate - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$5,394,588,036.00 $- $291,850,000 $5,686,438,036.00
95% 0% 5% 100%
Outstanding Debt - Motor License Fund - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$998,614,766.00 $- $998,614,766.00
100% 0% 0% 100%
Outstanding Debt - Motor License Registration Fee - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$128,400,000.00 $231,485,000 $359,885,000.00
101 36% 64% 0% 100% The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Outstanding Debt - Oil Franchise Tax Bonds - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$573,270,000.00 $- $573,270,000.00
100% 0% 0% 100%
Outstanding Debt - Oil Franchise Tax Subordinate - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$453,665,000.00 $- $453,665,000.00
100% 0% 0% 100%
102 Joseph M. Torsella, Pennsylvania State Treasurer
Reading Area Community College
https://www.racc.edu/about-racc
Reading Area Community College (RACC) is located in Reading, Pennsylvania, and was founded on October 1, 1971. RACC is an accredited, comprehensive, open-enrollment educational institution that provides the following: Associate’s degrees, Certificate and Diploma Programs; career-focused training; transitional coursework; skills training for business and industry; personal enrichment programs and public service activities. RACC is accredited by the Middle States Commission on Higher Education. RACC’s current president is Dr. Susan Looney.
RACC’s current debt obligation consists of revenue bonds issued by the Redevelopment Authority of the County of Berks. The 2016 Note and the 2017 Note are federally tax-exempt. Additionally, the college has a 2017 SPSBA Note from the State Public School Building Authority’s revolving loan fund. Bond proceeds have been used to finance energy efficiency projects, capital improvements, and bond refunding.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$9,826,278 $1,236,812 2.785% No
Review of Outstanding Debt Obligations
For Reading Area Community College – Total Debt Service – refer to page 176.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$8,812,778.26 $1,013,500 $- $9,826,278.26
90% 10% 0% 100%
103 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Sports and Exhibition Authority of Pittsburgh
http://www.pgh-sea.com/index.php?path=about-sea-history
The Public Auditorium Authority of Pittsburgh and Allegheny County was incorporated on February 3, 1954, pursuant to the Public Auditorium Authorities Law, as a joint authority organized by the City of Pittsburgh (City) and Allegheny County (County) to provide educational, cultural, physical, civic, and social events for the benefit of the general public. Effective November 1999, the Public Auditorium Authority of Pittsburgh and Allegheny County’s name was legally changed to the Sports & Exhibition Authority of Pittsburgh and Allegheny County (SEA). The Public Auditorium Authorities Law was re-codified in 2000 and the Authority is now authorized and exists under the Sports and Exhibition Authority Act through March 23, 2049.
As a joint authority for the City and County, the SEA provides venues for sporting, entertainment, educational, cultural, civic, and social events for the public. The Authority owns and leases PNC Park, Heinz Field and CONSOL Energy Center. The Authority owns and is responsible for the operation of the David L. Lawrence Convention Center (Convention Center). The SEA also owns two parking facilities, riverfront parks, and various associated infrastructure improvements.
The SEA’s current outstanding debt consists of several different forms of revenue bond debt, including Commonwealth Lease Revenue Bonds, Tax Revenue Bonds, Taxable Ticket Surcharge Revenue Bonds, Regional Asset District Sales Tax Revenue Bonds, Hotel Room Excise Tax Revenue Bonds, Guaranteed Revenue Bonds, and Parking System Revenue Bonds. Bond proceeds have been used to fund construction of a new multi-purpose arena and related facilities, fund construction and later renovations for Heinz Field, and bond refunding.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$566,100,000 $25,505,701 5.033% No
Review of Outstanding Debt Obligations
For the Sports and Exhibition Authority of Pittsburgh – Total Debt Service – refer to page 177.
104 Joseph M. Torsella, Pennsylvania State Treasurer
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$328,525,000.00 $237,575,000 $- $566,100,000.00
58% 42% 0% 100%
105 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
State Ethics Commission
https://www.ethics.pa.gov/The-Commission/Pages/About-the-Commission.aspx
The Pennsylvania State Ethics Commission is an independent state agency charged with the responsibility of enforcing the Ethics Act. The Pennsylvania Public Official and Employees Ethics Act, Act 170 of 1978, became effective on January 1, 1979, and in subsequent years was amended and reenacted in 1989, codified in 1998, and amended in 2006.
The Pennsylvania State Ethics Commission is an independent state agency charged with the responsibility of enforcing the Ethics Act. The Ethics Act applies to public officials and public employees. Candidates and nominees for public office are also subject to certain provisions of the Ethics Act. The Ethics Commission’s responsibilities under the Ethics Act include rendering advisory opinions regarding the Ethics Act, enforcing the Ethics Act as it relates to the filing of Statements of Financial Interests forms, investigating alleged violations of the Ethics Act, and issuing decisions in relation to such investigations.
The State Ethics Commission’s sole debt obligation is for the lease of office space in Pittsburgh.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$132,172 $31,721 N/A No
Review of Outstanding Debt Obligations
For the Pennsylvania State Ethics Commission – Total Debt Service – refer to page 178.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$132,172.00 $- $- $132,172.00
100% 0% 0% 100%
106 Joseph M. Torsella, Pennsylvania State Treasurer
Thaddeus Stevens College of Technology
https://stevenscollege.edu/about/
Thaddeus Stevens College of Technology (Stevens Tech) is a public technical college located in Lancaster, Pennsylvania, founded in 1905. It offers 24 academic programs for about 1,300 students. It was named for Thaddeus Stevens, a nineteenth-century statesman. Thaddeus Stevens College of Technology is Pennsylvania’s only state-owned two-year college of technology. Thaddeus Stevens College of Technology requires that all students are a resident of the state of Pennsylvania and have established residency for a minimum of one year prior to applying. The college is accredited by the Middle States Commission on Higher Education. The college’s current president is Pedro Rivera.
The majority of Thaddeus Stevens’ outstanding debt obligation is associated with a Guaranteed Energy Savings Agreement (GESA) project through the Pennsylvania Department of General Services.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$2,666,882 $159,289 2.690% No
Review of Outstanding Debt Obligations
For Thaddeus Stevens College of Technology – Total Debt Service – refer to page 179.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$2,666,882.00 $- $- $2,666,882.00
100% 0% 0% 100%
107 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 6 - Obligation Profiles
Westmoreland County Community College
https://westmoreland.edu/about/index.html
Westmoreland County Community College is a public community college located in Youngwood, Pennsylvania, founded in 1970. Westmoreland County Community College has eight locations serving all of Westmoreland, Fayette and Indiana counties. In addition to the main campus in Youngwood, Westmoreland offers courses in Latrobe, Murrysville, New Kensington, Indiana and Uniontown. The College offers the associate of arts degree (AA), the associate of fine arts degree (AFA), the associate of applied science degree (AAS), the associate of science degree (AS), and diploma and certificate programs. The College is accredited by the Middle States Commission on Higher Education. The College’s current president is Dr. Tuesday Stanley.
Westmoreland County Community College’s total debt obligation is composed entirely of College Revenue Bonds issued by the State Public School Building Authority. Bond proceeds have been used for purchase, construction, and renovation of buildings at the Youngwood Campus, Education Centers in Westmoreland County, and for costs associated with the Advanced Technology Center and Regional Safety Training Center.
Outstanding Debt - Summary
Refinancing Total Debt Debt Service (FY21) Average Coupon Opportunities
$58,215,000 $5,790,465 3.031% Yes
Review of Outstanding Debt Obligations
For Westmoreland County Community College – Total Debt Service – refer to page 180.
Outstanding Debt - Risk Analysis
Debt Type
Fixed Hedged Variable Unhedged Variable Total
$58,215,000.00 $- $- $58,215,000.00
100% 0% 0% 100%
108 ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 7 – Total Debt Obligations
Joseph M. Torsella, Pennsylvania State Treasurer
I. Debt Outstanding: Measuring Pennsylvania’s Total Debt Burden
An accurate measurement of the Commonwealth’s total debt burden begins with a clear definition of “government debt.” According to Pew Charitable Trusts (“Pew”), Pennsylvania has typically captures an estimated 26.25 percent of its debt in prior analyses – as compared to 48 percent, on average, in other state debt reports.19 With five states reaching 70 percent or more, Pew notes that broadening the scope of total debt strengthens the analytical depth of affordability studies and is an approach preferred by credit rating agencies. Considering Pennsylvania’s debt and legal structure, a broader definition of debt requires expanding beyond the Commonwealth’s general obligation debt – accounting for liabilities that may not depend on general revenue, but still require payment from taxpayers.
With that context, select measures in this report rely on the U.S. Census Bureau’s definition of government debt, which includes “all interest-bearing short-term credit obligations and all long- term credit obligations incurred in the name of the government and all its dependent agencies.”20 The benefit of the Census definition is its inclusivity – incorporating additional sources of debt like special obligation bonds, limited tax bonds, and special revenue bonds. (See below for what is, and is not, included in the Census definition.) According to S&P analyst John Sugden, credit rating agencies prefer a comprehensive definition of debt such as the one issued by the Census to “capture all the different types of tax-backed debt that (a state) issues.”21 In all, the purpose of this report is to provide the Commonwealth and its policymakers a thorough understanding of its borrowing and the resulting impact on Pennsylvania’s financial outlook.
(19) “Strategies for Managing State Debt,” Pew Research Center, June 2017, https://www.pewtrusts.org/~/media/assets/2017/06/sfh_ strategies_for_managing_state_debt_final.pdf. (20) “Chapter 6. Indebtedness,” in Government Finance and Employment Classification Manual (U.S. Census Bureau, October 2006), 6-3, https://www2.census.gov/govs/class06/ch_6.pdf. (21) “Strategies for Managing State Debt,” Pew Research Center, June 2017, https://www.pewtrusts.org/~/media/assets/2017/06/sfh_ strategies_for_managing_state_debt_final.pdf. 111 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 7 - Total Debt Obligations
Chart 1: U.S. Census Bureau Definition of Debt
Source: Chapter 6. Indebtedness,” in Government Finance and Employment Classification Manual (U.S. Census Bureau, October 2006), 6-3.
II. Metrics
Debt ratio metrics are useful snapshots of Pennsylvania’s current debt burden that, when taken together, provide a powerful overview of the Commonwealth’s debt capacity. While no single metric can do this alone, the three ratios in this report examine debt relative to both actual and potential debt capacity. Each metric begins with 2010 data, highlighting changes in Pennsylvania’s debt burden after the last recession and allowing for vital analysis of debt capacity trends over the past decade.
112 Joseph M. Torsella, Pennsylvania State Treasurer
The metrics also allow for cross-state comparison, measuring Pennsylvania’s debt in relation to other states. In determining which states to include for analysis – Pennsylvania, New Jersey, New York, Ohio, and Virginia – this report relied on Pew’s analysis in their report, “Strategies for Managing State Debt.”22 These states, similar in size and economic diversity, offer a robust and appropriate comparison to Pennsylvania. Additionally, the whole group will be assessed against benchmark medians set by AAA-rated states. AAA-rated refers to states that have maintained a AAA rating from the three main credit rating agencies (Moody’s, S&P, and Fitch) from 2010 to the present – a list that includes Florida, Delaware, Georgia, Indiana, Maryland, Iowa, Missouri, North Carolina, Utah, and Virginia.
How Is Each Metric Calculated?
1. Debt Per Capita: Debt Outstanding/Current State Population
2. General Obligation Debt Service as a Percentage of General Revenue: Annual General Obligation Debt Service Costs/State’s General Revenue
3. Debt as a Percentage of State Personal Income: Debt Outstanding/Total Personal Income of the State Population
Debt Per Capita
Debt per capita measures total debt in relation to a state’s population and is one of the most commonly-used metrics by the three major bond rating agencies – as well as other experts like Mercatus, Pew, and Truth in Accounting – to assess how leveraged a state is. This ratio is the amount of debt outstanding divided by the Commonwealth’s current population, measuring the dollar amount of debt outstanding per person. Understanding the position of the Commonwealth’s debt per capita relative to its peers, regardless of population differences, can help in assessing the debt burden on individual residents, who provide the revenue to repay debt in the form of taxes and user fees.
Table 1: Debt Per Capita
State 2010 2011 2012 2013 2014 2015 2015 2017
Pennsylvania $3,520 $3,552 $3,619 $3,680 $3,741 $3,748 $3,684 $3,715
New Jersey $6,929 $7,250 $7,332 $7,255 $7,454 $7,572 $7,519 $7,411
New York $6,677 $6,920 $7,281 $7,279 $7,296 $7,318 $7,331 $7,412
Ohio $2,600 $2,792 $2,910 $2,863 $2,901 $2,850 $2,850 $2,871
Virginia $3,122 $3,269 $3,395 $3,395 $3,337 $3,376 $3,404 $3,287
AAA Median $2,774 $2,915 $2,931 $2,815 $2,819 $2,852 $2,722 $2,710 50-State Median $3,404 $3,387 $3,419 $3,399 $3,249 $3,210 $3,261 $3,208 Source: U.S. Census Bureau Annual Survey of State and Local Government Finances, 1977-2017 (compiled by the Urban Institute via State and Local Finance Data: Exploring the Census of Governments.
(22) “Strategies for Managing State Debt,” Pew Research Center, June 2017, https://www.pewtrusts.org/~/media/assets/2017/06/sfh_ 113 strategies_for_managing_state_debt_final.pdf. The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 7 - Total Debt Obligations
Table 1 details the Commonwealth’s debt per capita from 2010-2017 and includes a peer group comparison, along with AAA and 50-state medians. The range in debt is notable between peer states: New York’s debt per capita is the highest in 2017, at $7,412, while Ohio’s is the lowest, at $2,871. Although debt per capita for Pennsylvania is lower than some peer states, it is important to note that the Commonwealth’s debt burden is higher than 50-state and AAA-rated medians.
General Obligation Debt Service as Percentage of General Revenue
For this metric, debt service refers to the annual principal and interest costs to be repaid on the Commonwealth’s outstanding general obligation (GO) debt. GO debt – backed by the Commonwealth’s full faith and credit – is an obligation repaid from general revenue and is, importantly, the type of debt assessed for benchmark credit ratings. Overall, GO debt service as a percentage of general revenue reflects the Commonwealth’s ability to take on additional GO debt and whether current financial management practices are effective in meeting repayment requirements. If not, the Commonwealth has the ability to directly change this metric through future debt issuances and material changes in general revenue and spending.
Table 2: Debt Service as a Percentage of General Revenue
State 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Pennsylvania 4.70% 4.90% 5.00% 4.30% 4.20% 3.70% 4.00% 3.60% 3.80% 3.50%
New Jersey 9.50% 8.40% 8.80% 8.10% 8.10% 8.50% 10.10% 9.40% 9.90% 9.60%
New York 10.80% 11.30% 11.50% 8.30% 8.70% 7.60% 7.40% 8.10% 6.70% 7.50%
Ohio 5.30% 4.40% 4.10% 5.20% 5.60% 5.50% 5.60% 5.60% 5.40% 5.50%
Virginia 5.20% 5.30% 5.20% 4.70% 4.60% 4.90% 4.80% 4.80% 4.50% 4.60%
AAA Median 5.45% 5.50% 5.45% 4.90% 4.45% 4.45% 4.35% 4.60% 4.25% 3.65%
50-State Median 4.85% 4.95% 4.85% 4.35% 4.45% 4.20% 4.15% 3.90% 3.95% 3.80% Source: “Moody’s State Debt Medians,” Moody’s Investors Service, 2012-2020.
In Table 2, a lower percentage means less spending as a share of revenue on annual debt service costs. Pennsylvania’s GO debt service as a percentage of general revenue has declined overall since 2010 and, as of 2019, is lower than the Commonwealth’s peer states. While Pennsylvania relies less on GO debt as a share of overall debt issued, this metric has consistently measured lower than the AAA-rated state median over the prior ten years and exceeded the 50-state median only once in that same time frame.
Debt as a Percentage of State Personal Income
Debt as a percentage of state personal income contains the combined personal incomes of state residents, including those whose work takes place beyond the state’s borders. Data in this
114 Joseph M. Torsella, Pennsylvania State Treasurer
metric includes income that comes from wages, proprietors’ income, dividends, interest, rents, and government benefits. This ratio is obtained by dividing the state’s outstanding debt by total personal income of the current total state population, and is an indicator of the Commonwealth’s ability to repay debt obligations by converting personal income into revenue through taxation.
Table 3: Debt as a Percentage of State Personal Income
State 2010 2011 2012 2013 2014 2015 2016 2017
Pennsylvania 8.38% 8.05% 7.87% 7.94% 7.74% 7.46% 7.17% 6.96%
New Jersey 13.48% 13.51% 13.19% 12.95% 12.71% 12.38% 12.01% 11.33%
New York 13.57% 13.37% 13.38% 13.21% 12.74% 12.27% 11.92% 11.33%
Ohio 7.09% 7.13% 7.15% 6.96% 6.78% 6.42% 6.32% 6.15%
Virginia 6.87% 6.85% 6.86% 6.97% 6.60% 6.40% 6.38% 5.96%
AAA Median 7.06% 7.17% 6.86% 6.79% 6.54% 6.27% 5.92% 5.75%
50-State Median 9.19% 8.49% 8.25% 8.02% 7.75% 7.34% 7.11% 6.93% Source: U.S. Census Bureau Annual Survey of State and Local Government Finances, 1977-2017 (compiled by the Urban Institute via State and Local Finance Data: Exploring the Census of Governments).
Table 3 illustrates the change in debt as a percentage of state personal income. As shown, Pennsylvania’s debt ratio peaked in 2010, when debt as a percentage of personal income was 8.38 percent. This measure has steadily declined since and is roughly comparable to the U.S. median.
115
ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 8 – Debt Affordability
Joseph M. Torsella, Pennsylvania State Treasurer
I. Pennsylvania Debt Limit/Constraints
According to Pew Charitable Trusts, affordability is subjective.23 Each state has its own definition of how much debt it can afford, based on infrastructure needs, legal structure, and financial situation. States can vary in whether their affordability metrics are legally binding or complement existing debt limits, and policymakers must decide what constitutes affordable debt. Maryland, for instance, sets a cap for outstanding debt at 4 percent of personal income and at 8 percent of revenue for debt service. As stated in the Pennsylvania Constitution, the net debt outstanding of the Commonwealth is limited to 1.75 times the average annual tax revenues in the previous five fiscal years.24 Table 4 displays the constitutional debt limits of Pennsylvania and its neighboring peer states in order to assess how each state defines its debt affordability.
Table 4: State Debt Limits
State Debt Limit Description Type of Debt Limit Citation
Net debt outstanding is limited to 1.75 Metric-based with Pennsylvania Constitution, Pennsylvania times the average annual tax revenues in referendum to exceed Article VIII, Section 7 the previous five fiscal years.
GO debt is limited to 1% of the total Both referendum and/ New Jersey Constitution, New Jersey amount appropriated by the general or supermajority and Article VIII, Section II, appropriation law for that fiscal year. metric paragraph 3
New York State Constitution, Article III, Section 23; Article The total amount is limited to 4% of state Both referendum and/ VII, Sections 9-1, 14, 18-19; New York personal income, and debt service is or supermajority and Article XVIII, Section 3; and limited to 5% of revenues. metric New York State Finance Law § 67-b
Debt service on direct obligations of the state may not exceed 5% of total General Constitutional Ohio Constitution, Article VIII, Ohio Revenue Fund revenues and net state amendment Sections 1-17 lottery proceeds.
GO debt for non-revenue-producing capital projects is limited to 25% of an Both referendum and/ Constitution of Virginia, Virginia amount equal to 1.15 times the average or supermajority and Article X, Section 9 annual taxes on income and retail sales for metric the three preceding fiscal years.
Source: “Strategies for Managing State Debt,” The Pew Charitable Trusts, June 2017. (23) “Strategies for Managing State Debt,” Pew Research Center, June 2017, https://www.pewtrusts.org/~/media/assets/2017/06/sfh_ strategies_for_managing_state_debt_final.pdf. (24) ” Penn. Constitution, art. 8, sec. 7, cl. 4.” 119 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 8 - Debt Affordability
II. Factors Affecting State General Obligation Bond Ratings from Ratings Agencies
Chart 2: Factors Affecting GO Bond Ratings
Source: Texas Bond Review Board, “Debt Affordability Study,” February 2020.
State bond purchasers have relied heavily on major rating agencies to analyze a borrower’s ability to meet debt obligations. The three major credit rating agencies are Moody’s Investors Service (Moody’s), Standard & Poor’s (S&P), and Fitch (Fitch). Ratings collected from these agencies give an idea of the Commonwealth’s financial ability to repay its debt, and will directly impact the interest rate of debt issuances. The higher the credit rating, the lower the financing cost the Commonwealth must pay; this differential is typically larger in higher-interest rate environments, and smaller in low-rate environments.
Ratings for general obligation (GO) debt are the most important because this debt is legally secured by the Commonwealth’s full faith and credit for repayment, and these ratings provide an interest rate benchmark for the Commonwealth’s revenue debt. Credit rating agencies examine four factors when determining any state’s GO bond rating: economic (population trends, wealth, economic diversity and stability, infrastructure); financial (change in major general revenue sources, spending per capita, GF balances, Rainy Day fund balance); debt (net debt as a percent of personal income, net debt per capita, net debt as a percent of tax valuation); and management (coherent structure of governance, constitutional constraints, initiatives and referenda, executive branch controls, mandates to balance budget).25
(25) Texas Bond Review Board, “Debt Affordability Study,” February 2020, http://www.brb.state.tx.us/pub/bfo/DAS2020.pdf.
120 Joseph M. Torsella, Pennsylvania State Treasurer
III. Ratings Agency Assessments of Pennsylvania
Table 5 provides a comparison of the Commonwealth to our peer states. Pennsylvania, while rated “high,” is second lowest in our cohort, save New Jersey, and is in the bottom quartile nationally.
Table 5: Comparison of Peer States as of October 2020
Rating Moody’s S&P Fitch
Prime Aaa AAA AAA
Aa1 AA+ AA+ High Aa2 AA AA Aa3 AA- AA-
A1 A+ A+ Upper Medium A2 A A A3 A- A-
Baa1 BBB+ BBB+ Lower Medium Baa2 BBB BBB Baa3 BBB- BBB-
State Rating Moody’s S&P Fitch
Pennsylvania High Aa3 A+/Negative AA-
New Jersey High A3 A-/Negative A-
New York High Aa2 AA+/Stable AA+
Ohio High Aa1 AA+/Stable AA
Virginia Prime Aaa AAA/ Stable AAA
Source: Moody’s, S&P, Fitch
On August 27, 2020, Moody’s assigned an Aa3 rating and stable outlook on the Commonwealth’s general obligation debt. In its report titled “Moody’s assigns Aa3 to Pennsylvania’s GO bonds; outlook stable,” Moody’s stated “Pennsylvania’s Aa3 general obligation rating reflects the commonwealth’s very large and diverse economy balanced against high fixed costs and leverage compared to other states.”26 The report also noted Pennsylvania’s “weak” budget reserves as share of budget (See “Rainy Day Fund”). Overall, Moody’s stated these weaknesses were reduced by “the ability to borrow internally from a healthy and stable pool of liquidity, which is a key factor in consideration of the state’s capacity to maintain satisfactory finances through the economic slowdown caused by the coronavirus outbreak.”27
(26) “Rating Action: Moody’s assigns Aa3 to Pennsylvania’s GO bonds; outlook stable,” Moody’s Investors Service, August 2020, https://www. moodys.com/research/Moodys-assigns-Aa3-to-Pennsylvanias-GO-bonds-outlook-stable--PR_906669802. 121 (27) ibid. The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 8 - Debt Affordability
On September 1, 2020, S&P revised its outlook to negative from stable on the Commonwealth’s GO debt, while affirming its A+ rating. In the agency’s report, “Commonwealth of Pennsylvania; Appropriations; Gas Tax; General Obligation; Miscellaneous Tax; Moral Obligation; Tax Increment,” S&P stated its rating “reflects what we view as Pennsylvania’s well-established priority of GO debt service, even in the absence of a budget; substantial ability – despite budget impasses – to adjust revenues, expenditures, and disbursements; diverse economy, although economic growth within the commonwealth has trailed the nation historically; and moderate debt profile, even when accounting for projected additional debt issuance.”28
Fitch’s latest action assigned an AA- rating and stable outlook to the Commonwealth’s GO bonds on September 16, 2020. In Fitch’s rating action commentary, titled “Fitch Rates Pennsylvania’s $470MM GO Bonds ‘AA-’; Outlook Stable,” Fitch stated the rating reflects its “view that the commonwealth is more at risk in the current pandemic-driven downturn than many other states, but Fitch still anticipates Pennsylvania will manage through the downturn and be positioned to restore fiscal flexibility as the economic recovery takes root.”29 In addition, Pennsylvania “continues to benefit from broad budgetary powers as reflected in ongoing efforts to reduce baseline spending and enact recurring revenue changes.”30
IV. Pennsylvania’s Fiscal Strengths and Challenges
Credit Strengths
Diversified economy: In August 2019, the Commonwealth was named the country’s “most diverse state economy” in Bloomberg’s annual “Economic Diversity Index.”31 This national recognition can likely be attributed to the balance of Pennsylvania’s GDP amongst its key industries – such as real estate (12.2%), healthcare (9.9%), and manufacturing (11.9%) – as well as natural gas production. Pennsylvania’s diverse economy provides a robust foundation for future revenue growth and the Commonwealth’s ability to control expenditure pressures.
Strong access to internal and external liquidity: The Commonwealth’s liquidity management is essential to its ability to respond to fiscal and economic pressures. Pennsylvania’s access to “a healthy and stable pool of liquidity,” as stated by Moody’s Investors Service, will help to stabilize its capacity to maintain satisfactory finances through the current economic recession. According to S&P, approximately $1.5 billion of the Commonwealth’s $2.0 billion line of credit remains available from the Treasury’s Short Term Investment Pool as of March 2020.32
(28) “Commonwealth of Pennsylvania; Appropriations; Gas Tax; General Obligation; Miscellaneous Tax; Moral Obligation; Tax Increment,” S&P Global Ratings, September 2020. (29) “Fitch Rates Pennsylvania’s $470MM GO Bonds ‘AA-’; Outlook Stable,” Fitch Ratings, September 2020, https://www.fitchratings.com/ research/us-public-finance/fitch-rates-pennsylvania-470mm-go-bonds-aa-outlook-stable-09-09-2020. (30) ibid. (31) Lee J Miller and Wei Lu, “Recipe for Most Diverse Economy Starts With Steel and Chocolate,” Bloomberg, August 5, 2019, https://www. bloomberg.com/news/articles/2019-08-05/recipe-for-most-diverse-economy-starts-with-steel-and-chocolate. (32) “Rating Action: Moody’s assigns Aa3 to Pennsylvania’s GO bonds; outlook stable,” Moody’s Investors Service, August 2020, https://www. moodys.com/research/Moodys-assigns-Aa3-to-Pennsylvanias-GO-bonds-outlook-stable--PR_906669802. 122 Joseph M. Torsella, Pennsylvania State Treasurer
Credit Challenges
Lagging population growth: Although Pennsylvania has the fifth-largest population compared to all U.S. states, it remains one of the slowest growing. The Commonwealth’s aging and decentralized population, according to Fitch, can hinder economic growth.33 The U.S. Census Bureau reported that the percent change in population between 2010 and 2019 is only .8 percent, placing Pennsylvania 44th out of all 50 states in population growth.34 The Commonwealth’s slow population growth – combined with its aging demographic – has the potential to severely limit long-term economic development and constrain future tax revenues.
Budgetary performance and structural budget gaps: Pennsylvania has faced reoccurring fiscal challenges – including weak budgetary solvency – which deepened lingering negative effects of the Great Recession. In FY 2018, revenues exceeded expenses by only 1.01 percent, leaving the Commonwealth ranked 31st in budget solvency among other U.S. states. 35 As a result, Pennsylvania’s reserve profile suggests a lack of improvement. As stated by S&P, “The largest deposit to the rainy-day fund in over a decade made in early fiscal 2020 brought reserves to just 1.0% of annual general fund expenditures, which is less than half of the commonwealth’s reserve position entering the Great Recession.” 36
Unfunded pension liabilities: The Commonwealth’s unfunded pension liabilities require significant annual funding. Pennsylvania’s contributions were below the rating agencies’ calculation of minimum funding progress, which can lead to growing liabilities in the future.37 The funded status of the Commonwealth’s pension systems have weakened since they were close to fully funded in the 2000s due to underfunding, investment performance, and benefit enhancements. As a result, the state’s pension funded ratio across all plans in 2019 was 56.9%, and the three-year average pension fund ratio was 58.9% as well.38 While progress has been made to increase funding in recent years, these ratios are viewed as weak by rating agencies compared to other states.
(33) “Fitch Rates Pennsylvania’s $470MMGO Bonds ‘AA-’; Outlook Stable,” Fitch Ratings, September 2020, https://www.fitchratings.com/ research/us-public-finance/fitch-rates-pennsylvania-470mm-go-bonds-aa-outlook-stable-09-09-2020. (34) “U.S. Census Bureau QuickFacts: Pennsylvania,” United States Census Bureau, July 1, 2019, accessed October 23, 2020, https://www. census.gov/quickfacts/PA. (35) “Norcross, Eileen, “Pennsylvania’s Fiscal Health: Current Status and Recommendations for Improvement,” Mercatus Center, August 22, 2019, https://www.mercatus.org/publications/government-spending/pennsylvanias-fiscal-health-current-status-and- recommendations. (36) “Commonwealth of Pennsylvania; Appropriations; Gas Tax; General Obligation; Miscellaneous Tax; Moral Obligation; Tax Increment,” S&P Global Ratings, September 2020. (37) “Commonwealth of Pennsylvania; Appropriations; Gas Tax; General Obligation; Miscellaneous Tax; Moral Obligation; Tax Increment,” S&P Global Ratings, September 2020. 123 (38) Ibid.
ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 9 – Fiscal Flexibility
Joseph M. Torsella, Pennsylvania State Treasurer
I. What is Fiscal Flexibility, and Why Does It Matter?
Fiscal flexibility denotes a government’s ability to respond and adjust to economic shocks. According to Moody’s, this measure can rely on several factors, such as a state’s ability to pass tax increases, cut spending, or approve budgets – as well as the state’s level of fixed costs.39 Fiscal flexibility is especially important during economic downturns when states are often required to find alternative revenue sources or adjust spending in order to meet budgetary requirements.
One major limitation to fiscal flexibility is a state’s level of annual fixed costs. Expressed as a percentage of a state’s general revenue, fixed costs in this report will include state pension obligations, other post-employment benefits (OPEB), GO debt service costs, and Medicaid spending. If fixed costs are high, states are deemed to have less fiscal flexibility. A high level of fixed costs means a smaller proportion of that state’s budget is truly discretionary, limiting the ability to strategically invest for the future or respond to economic downturns.
II. Pennsylvania’s Fixed Costs
Table 6: Fixed Costs as Share of General Revenue (2017)
State Fixed Costs
Pennsylvania 45.60%
New Jersey 47.13%
New York 48.78%
Ohio 33.90%
Virginia 30.89%
AAA Median 29.56%
50-State Median 30.91%
Source: Pew Charitable Trusts, NASBO, Moody’s Medians
In Table 6, an estimated 45.60 percent of Pennsylvania’s general revenue was allocated to fixed costs in 2017. Medicaid expenditures and pension obligations accounted for the highest segments of Pennsylvania’s total, combining to over 40 percent in fixed costs. Although Pennsylvania’s fixed costs were slightly lower than two of its peer states, the Commonwealth’s fixed costs were significantly higher when compared to the 50-state median and AAA median – at least a 14.6 percentage point difference in both cases. In terms of Pennsylvania’s 2019-2020 budget, this percentage difference equates to at least an extra $4.5 billion in fixed costs for the Commonwealth.40
(39) “State government - US: Most states have the financial flexibility and reserves to manage a recession,” Moody’s Investors Service, May 20, 2019, http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1165038. (40) “2019-20 Enacted Budget Line-Item Appropriations,” Pennsylvania Office of the Budget, 2019, https://www.budget.pa.gov/ PublicationsAndReports/CommonwealthBudget/Documents/2019-20%20Enacted%20Budget/2019-20%20Web%20Track%20-%20 127 ENACTED.pdf. The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 9 - Fiscal Flexibility
Chart 3: Fixed Costs as a Share of General Fund Expenditures
Source: “Combined Medicaid, Debt Service, And Pension And OPEB Contributions Share of General Fund Expenditures,” in Gabriel Petek, “Medicaid: What State Fiscal Leaders Need to Know” (presentation, NCSL Midwest States Fiscal Leaders Meeting, March 2, 2018).
In Chart 3, S&P calculated a similar measurement of fixed costs – using general fund expenditures rather than general revenue – in a nationwide comparison. According to S&P’s proprietary calculation, Pennsylvania is shown to have the second-highest percentage of fixed costs in the country at 45 percent, ranking well above both the Commonwealth’s neighboring states and AAA- rated states. This high ranking again underscores the limitations placed on Pennsylvania’s budget in relation to other states
III. Pensions Liabilities
Pensions play a vital role in attracting talented public servants, providing for the financial security of many of a state’s citizens and support to the state’s economy. The National Institute of Retirement Security estimates that each $1.00 of pension payments results in $2.13 in economic output. In the case of Pennsylvania, this equates to nearly $21 billion of economic impact provided by the Commonwealth’s two largest pension systems, SERS and PSERS.
A number of states, in particular Pennsylvania, have failed to set aside enough to ensure the continued health of their pension plans. According to Moody’s, which uses a methodology to normalize the differences between each state’s unique plan assumptions, Pennsylvania’s unfunded pension liabilities are the tenth highest in the nation when measured as a percentage of own-source revenues. The annual expenditures to pay down significant pension liabilities can
128 Joseph M. Torsella, Pennsylvania State Treasurer
crowd out other budgetary needs and priorities. As a result, the General Assembly passed Act 120 of 2010 and Act 5 of 2017 to revise pension benefit structures for new employees and improve the financial stability of the plans.
Table 7: Pensions Liabilities (2018)
Moody’s Adjusted % Own-Source % Personal Net Pension Per Capita Revenue Income Liabilities (millions)
Pennsylvania $79,779 $6,229 172.0% 11.3%
New Jersey $113,846 $12,779 275.0% 18.9%
New York $39,166 $2,004 40.0% 2.9%
Ohio $16,366 $1,400 50.0% 2.9%
Virginia $18,318 $2,151 63.0% 3.8%
AAA Median $16,041 $2,199 77.0% 4.3%
50-State Median $12,210 $2,903 91.0% 6.1%
Source: “State government – US Medians - Adjusted net pension liabilities decline; OPEB liabilities vary widely,” Moody’s Investors Service, September 17, 2019.
IV. Rainy Day Fund
Rainy day funds can strengthen a state’s overall fiscal flexibility, providing a key tool to ease budgetary stress during economic shocks or downturns. Formally titled the “Budget Stabilization Reserve Fund,” Pennsylvania’s Rainy Day Fund has experienced low levels of reserves over the past decade. Largely depleted during the Commonwealth’s response to the last recession, Pew estimates Pennsylvania held zero days’ worth of expenditures in its Rainy Day Fund between FY 2010-FY 2018, while only reaching less than half a days’ worth in FY 2019 (see Table 8). After a $317 million deposit in July 2019, Pennsylvania’s Rainy Day Fund is now projected to hold 3.6 days’ worth of expenditures as of FY 2020 – leaving the Commonwealth still well below its peer states, the AAA median, and the 50-state median.
129 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 9 - Fiscal Flexibility
Table 8: Days’ Worth of Expenditures in Rainy Day Funds
State 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Pennsylvania 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 3.6
New Jersey 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.1 6.7
New York 8.4 7.9 8.4 8.1 8.8 10.4 9.6 9.6 9.4 10.3 11.4
Ohio 0.0 0.0 3.3 6.3 17.9 17.1 21.2 21.3 23.3 29.4 28
Virginia 7.3 7.1 6.8 9.4 14.2 9.4 4.5 10.0 7.8 13.5 22.1
AAA Median 12.0 12.1 12.9 15.7 18.6 21.4 25.4 26.2 27.0 22.4 22.8
50-State Median 6.0 6.4 8.9 13.0 16.5 18.0 19.5 20.5 23.9 26.8 29.0 Source: “Reserves and Balances: COVID-19 Prompts States To Start Tapping Financial Reserves,” The Pew Charitable Trusts, October 13, 2020.
V. Consolidated State and Local Debt Metrics
It is important to consider a state’s local debt levels when evaluating its total debt burden because some states with lower state debt may have higher local debt levels, and vice versa. Local debt, according to the U.S. Census Bureau, includes debt issued by cities, school districts, water districts, counties, community colleges, special districts, and health and hospital districts.41 Looking at debt through this lens gives policymakers a broader picture of all the Commonwealth’s debt within its borders. For combined state and local debt per capita, see Table 9. While Pennsylvania has ranked in the middle among its neighboring states since 2010, the Commonwealth’s state and local debt per capita has consistently reached higher levels than the AAA median and 50-state median over that same time period.
Table 9: Combined State and Local Debt
State 2010 2011 2012 2013 2014 2015 2016 2017
Pennsylvania $9,726 $9,797 $9,975 $10,008 $9,724 $9,995 $9,924 $9,580
New Jersey $11,144 $11,584 $11,644 $11,206 $11,207 $11,322 $11,171 $10,912
New York $16,292 $17,163 $17,734 $17,993 $17,925 $17,936 $18,056 $18,215
Ohio $6,648 $6,852 $7,059 $7,185 $7,341 $7,367 $7,392 $7,529
Virginia $7,732 $7,885 $7,980 $7,889 $7,856 $7,786 $7,863 $7,790
AAA Median $6,496 $6,809 $6,754 $6,737 $6,683 $6,440 $6,331 $6,331
50-State Median $7,843 $7,924 $7,873 $7,914 $7,834 $7,920 $7,820 $7,738 Source: U.S. Census Bureau Annual Survey of State and Local Government Finances, 1977-2017 (compiled by the Urban Institute via State and Local Finance Data: Exploring the Census of Governments).
130 (41) “Government Finance and Employment Classification Manual,” United States Census Bureau, October 2006, https://www2.census.gov/ govs/pubs/classification/2006_classification_manual.pdf. ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 10 – Policy Recommendations
Joseph M. Torsella, Pennsylvania State Treasurer
Debt is powerful. Used wisely and responsibly, debt can fund vital long-term projects that enhance a state’s competitiveness and increase economic opportunities for its citizens; left unchecked, it can severely undermine long-term economic growth, the ability to invest in the future, and the capacity to deal with genuine fiscal emergencies. Without access to long-term financing options, states generally could not fund roads, mass transit, major economic development initiatives, clean water, affordable housing, higher education construction and expansion, and other critical public investments.
Proper stewardship of the Commonwealth’s finances should be a nonpartisan issue. It is our basic duty as public servants to not only act as fiduciaries for current taxpayers but also future taxpayers who do not have a voice in the fiscal obligations we may leave them. With this in mind – and in addition to the refinancing opportunities identified in this report – we make several policy recommendations.
As recommended by Pew, the Pennsylvania General Assembly should require a biennial debt affordability study. The study should coincide every other year with the Commonwealth’s budget process in order to provide full information to our budget writers and assist in setting broader policy priorities. The Legislature should also consider making clear its purpose(s), who will prepare it, and provide explicit guidance on affordability best practices. A meaningful debt study would also incorporate clear metrics, such as debt per capita, and compare those to a consistent set of benchmarks, e.g., neighboring states and/or the best-rated states. A debt assessment should also be prospective by analyzing the impact of long-term liabilities, revenue projections, and demographic trends. Certain liabilities, like pensions, differ from bonded debt obligations but represent the same claim on future revenues. To be clear, mandated exhaustive surveys of Commonwealth debts for their relative refunding merits is likely not warranted, especially in light of persistent low interest rates.
The General Assembly should also carefully decide what public entity should serve as the primary author of the debt report. As noted by Pew, that entity should have a “commitment to objective analysis [and be] close to the decision-making process to ensure that it is used by policymakers.”42 In all, 27 states require state treasurers, executive branch budget staff, or independent commissions (which may include elected officials) to routinely perform debt affordability studies.
The annual debt assessment should not simply recapitulate the Comprehensive Annual Financial Report, which documents the financial condition of a state using standardized accounting data. Debt studies deliberately have no generally accepted templates and their content varies from one state to another. As Pew notes, this allows states “to have the flexibility necessary to help policymakers understand their state’s debt in the context of the state’s particular legal structure, fiscal culture, and needs.”43
(42) Kil Huh et al. “Strategies for Managing State Debt,” The Pew Charitable Trusts, June 2017, https://www.pewtrusts.org/~/media/ assets/2017/06/sfh_strategies_for_managing_state_debt_final.pdf (43) ibid. 133 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 10 - Policy Recommendations
In addition to the debt report, the single most important action the Commonwealth could take is to commit to a long-term plan to build a meaningful Rainy Day Fund. Since most fiscal crises are directly related to economic downturns, having meaningful reserves would allow Pennsylvania to avoid draconian cuts or revenue increases when they make the least economic sense. Credit ratings agencies specifically note the political commitment and existence of meaningful reserves as a critical factor in the overall assessment of a given state’s fiscal strength. Treasury recommends the establishment of empirically-based Rainy Day Fund goals stemming from a debt report’s revenue projections and stress testing. Additional policy measures should include clear rules on automatic transfers to the Rainy Day Fund at the onset of the budget appropriation process, how irregular or particularly volatile revenue sources are defaulted to the Rainy Day Fund, and a formal assessment on how other states use reserves – not just the Rainy Day Fund – to manage their fiscal resiliency.
Pennsylvania should make a meaningful commitment to shore up its OPEB trust fund(s). As previously discussed, OPEB benefits are any retirement benefits promised, e.g. health care, deferred compensation, life insurance, other than pensions. Until recently, many public employers simply paid out OPEB benefits annually as they came due, or the “pay-as-you-go” basis. Changes to accounting rules in the mid-2000s, and again in 2017, essentially compelled state and local governments to put OPEB obligations squarely onto their balance sheets and out of the liner notes of other secondary disclosures. This means ratings agencies, bond investors, taxpayers, and other stakeholders now have the tools to consistently assess the magnitude of any long-term liabilities that result from non-pension retirement promises made to employees.
By making significant contributions to an OPEB trust fund, Pennsylvania would lower its costs over the long run. The Commonwealth’s Investment Pool is managed by the Treasury Department in a low-cost passive manner and, as such, has delivered returns that exceed the Commonwealth’s major pension systems, SERS and PSERS. As employer contribution rates are an element of collective bargaining agreements, any policy changes should be considered as part of this process.
134 ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Chapter 11 – Glossary
Joseph M. Torsella, Pennsylvania State Treasurer
Capital Improvement Projects: A long-term investment – typically for infrastructure needs – which relies primarily on GO debt financing and accounts for most GO debt issued in Pennsylvania. The most common examples are infrastructure projects, including roads, bridges, railway lines, and airports.
Debt Outstanding: All long-term credit obligations – both supported by a government’s full faith and credit and non-guaranteed – as well as all interest-bearing short-term credit obligations.
Debt Service: The annual principal and interest amounts needed to repay debt.
General Fund: The General Fund is the state’s main operating fund into which the general (non- earmarked) revenues of the state are deposited.
General Obligation (GO) Debt: Long-term obligations – supported by a government’s full faith and credit – and separate from those payable initially from non-tax revenue. Includes debt payable from particular earmarked taxes, such as property taxes.
General Revenue: All government revenue with the exception of liquor stores revenue, insurance trust revenue, and utility revenue. The basis for distinction is the nature of the revenue sources, not the fund/administrative unit receiving particular amounts.
Fiscal Flexibility: Fiscal flexibility measures a government’s ability to quickly adjust its fiscal policy during economic shocks/downturns. The measure relies on multiple factors, including the ability to quickly cut spending, pass tax increases, approve new budgets, and manage the government’s fixed costs.
Fixed Costs: Fixed costs represent a percentage of a state’s budget committed to annual expenditures, such as state pension obligations, other post-employment benefits (OPEB), debt service costs, and Medicaid spending. A high level of fixed costs means a state has less fiscal flexibility to respond to economic shocks or downturns.
Long-term Debt: Debt payable more than one year from its date of issue. Includes general obligation bonds (GOB), revenue bonds, special assessment bonds, certificates of participation (COPs), zero coupon or compound interest bonds, judgments, pollution control bonds, and construction loan notes (CLNs).
Net Pension Liability: The difference between the total pension liability and the pension plan’s fiduciary net position.
Pennsylvania Debt Limit: According to the Pennsylvania Constitution, the Commonwealth’s net debt outstanding is limited to 1.75 x the average annual tax revenues in the previous five fiscal years.
137 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Chapter 11 - Glossary
Rainy Day Fund: A state’s allocated reserves to cover state expenditures during periods of economic shocks or downturns.
Revenue Bonds: Bonds secured by a specific stream of revenue rather than the general taxing power of a state or municipality.
Short-term Debt: Interest-bearing debt payable one year or less from its date of issue. Includes obligations without a fixed maturity date. Examples are bond anticipation notes, tax anticipation notes (TANs), bank loans, interest-bearing short-term warrants and obligations, and revenue anticipation notes (RANs).
State Personal Income: This metric measures the combined personal incomes of the residents, including those whose work is beyond the state’s borders, for each state (and the District of Columbia). State personal income includes income by industry and how much income comes from wages, proprietors’ income, dividends, interest, rents, and government benefits.
Total OPEB Liability: A measure of the total cost of future OPEB payments already earned, stated in current dollars.
138 ACT 37 COVID-19 DEBT COST REDUCTION REVIEW Appendix
Joseph M. Torsella, Pennsylvania State Treasurer Total 5.027% 4.012% 97,964,150.00 98,873,750.00
191,765,725.00 252,795,625.00 329,671,550.00 429,444,956.25 500,964,187.50 624,921,762.50 819,955,015.00 630,236,950.00 862,292,250.00 966,667,747.50 1,133,388,957.50 1,310,005,575.00 1,294,956,034.38 1,072,348,062.50 1,132,917,770.00 1,232,633,580.00 1,201,701,165.00
14,183,504,813.13 $ $
$
No 5.000% 5.000% 7/15/2029
16,328,250.00 47,573,375.00 2019 Bonds 2019
127,737,625.00 125,699,125.00 120,778,750.00 123,915,125.00 115,194,500.00 122,340,750.00 119,205,375.00 116,408,000.00 117,733,250.00 ################
$
No 5.000% 3.200% 3/1/2028
97,964,150.00 98,873,750.00 97,101,750.00 96,274,550.00 95,490,550.00 94,747,350.00 94,031,750.00 94,033,000.00 92,053,405.00 93,065,500.00 91,000,565.00 91,001,815.00 91,001,565.00 91,002,065.00 90,999,815.00 90,998,315.00 90,998,065.00 91,002,065.00 91,000,315.00 2018 Bonds 2018
1,772,640,340.00
$
$ $ No 5.000% 3.000%
49,311,600.00 40,705,600.00 76,476,200.00 43,858,450.00 95,376,700.00 1/15/2027 198,031,200.00 129,015,700.00 144,660,950.00 169,735,950.00 123,003,450.00 169,106,200.00
2017 Ref Bonds Ref 2017 1,239,282,000.00
$
$ $ No 5.000% 5.000% 7,636,000.00 1/15/2027 10,962,000.00 85,152,000.00 60,385,750.00 38,074,750.00 77,114,750.00 56,926,250.00 ############## ############## 160,084,250.00
2016 Ref-2 Bonds Ref-2 2016 No 5.000% 3.000%
94,663,975.00 92,843,675.00 91,537,200.00 90,309,050.00 89,125,200.00 88,379,900.00 87,329,100.00 87,674,300.00 87,324,850.00 87,329,225.00 87,328,975.00 87,327,600.00 87,324,850.00 87,328,600.00 87,329,850.00 87,328,850.00 87,325,100.00 9/15/2026 2016-2 Bonds 2016-2
1,507,810,300.00
$ $ $ No 5.000% 3.000% 2/1/2026
27,472,500.00 26,963,600.00 26,725,200.00 26,495,800.00 26,277,600.00 25,867,800.00 26,067,600.00 25,869,550.00 25,866,050.00 25,867,550.00 25,868,050.00 25,869,800.00 25,866,300.00 25,869,550.00 25,867,300.00 25,868,050.00 2016-1 Bonds 2016-1
418,682,300.00 $ $
No 5.000% 5.000% 9/15/2026
70,128,625.00 69,059,375.00 47,534,125.00 47,241,375.00 46,199,875.00
168,807,500.00 744,623,250.00 181,631,625.00 114,020,750.00 2016 Ref Bonds Ref 2016
$
$ $
No 5.000% 3.250% 8/15/2025
36,204,900.00 35,855,000.00 35,527,500.00 35,368,550.00 35,368,800.00 35,228,100.00 34,956,700.00 34,702,700.00 77,200,025.00 34,399,225.00 55,348,412.50 98,063,650.00
184,181,275.00 176,439,525.00 162,088,525.00 239,928,900.00 2015-2 Bonds 2015-2 ################
$
No 5.000% 3.000% 3/15/2025
79,825,200.00 79,094,200.00 79,095,200.00 79,095,450.00 79,092,700.00 77,891,900.00 77,890,650.00 77,889,650.00 77,893,150.00 77,889,400.00 77,891,150.00 77,890,650.00 77,890,400.00 77,889,150.00 77,891,400.00 2015-1 Bonds 2015-1 ################
$ - No N/A 5.000% 5.000%
29,177,625.00 58,690,125.00 48,128,875.00 17,123,125.00 45,710,625.00
198,830,375.00 2014 Ref Bonds Ref 2014 $ $
Total Total Debt Service No 5.000% 3.000% 6/15/2024 8,021,550.00 8,957,700.00 8,957,700.00 2014 Bonds 2014
43,905,750.00 43,508,750.00 43,125,750.00 42,765,550.00 42,421,550.00 37,259,450.00 40,162,700.00 37,261,450.00 37,260,450.00 37,258,950.00 37,260,700.00 ##############
$
Commonwealth of Pennsylvania Yes 5.000% 4.375% 10/15/2023
59,135,906.25 58,952,937.50 58,953,062.50 58,957,312.50 58,957,062.50 58,727,862.50 58,502,787.50 58,505,912.50 58,506,412.50 58,505,287.50 58,507,162.50 58,503,537.50 58,503,287.50 58,503,787.50 2013-2 Bonds 2013-2 ##############
$ $
Yes 5.000% 3.000% 4/1/2023
74,386,000.00 73,705,800.00 73,055,800.00 72,437,200.00 71,851,000.00 67,982,250.00 60,715,250.00 13,006,000.00 14,607,250.00 60,712,750.00 14,607,250.00 14,607,250.00 60,713,750.00 2013-1 Bonds 2013-1
672,387,550.00
$ $ No N/A 5.000% 4.000%
52,134,150.00 69,951,025.00 72,659,700.00 57,167,650.00 ############### 2012 Ref Bonds Ref 2012 $
Yes 5.000% 4.000% 6/1/2022
75,166,000.00 74,474,200.00 73,821,400.00 73,198,800.00 10,763,800.00 10,763,800.00 10,763,800.00 10,763,800.00 57,350,050.00 10,763,800.00 10,763,800.00 57,352,300.00 2012 Bonds 2012
475,945,550.00
$
$ Yes 5.000% 1,992,800.00 1,992,800.00 4.000% 5,339,400.00 5,339,400.00 5,339,400.00 5,339,400.00 5,339,400.00 50,816,400.00 45,730,400.00 45,308,700.00 36,308,650.00 36,309,775.00
2011 Bonds 2011 11/15/2021 245,156,525.00 $
$
No N/A 5.000% 5.000%
7,664,125.00
91,814,250.00 35,567,500.00 48,582,625.00 2011 Ref Bonds Ref 2011 $
$
38,475.00 70,875.00 38,475.00 70,875.00 70,875.00 Yes
829,237.50 707,875.00 718,162.50 774,675.00 708,375.00 716,575.00 4.750% 3.500%
4,744,475.00 7/15/2020 2010C Bonds 2010C
$ $ No N/A 5.450% 4.550%
75,138,397.50 74,274,272.50 74,798,522.50 72,545,902.50 74,514,545.00 73,621,055.00 72,760,187.50 72,389,435.00 72,238,710.00 73,034,617.50
2010B Bonds 2010B 735,315,645.00 $ $
No N/A 5.000% 5.000%
46,212,125.00 2009 Bonds 2009
195,052,000.00 148,839,875.00 $ $
No N/A 5.375% 5.375%
68,575,746.88 27,504,846.88 41,070,900.00 2004 Bonds 2004
$ $ FY Low Refi High Total 2038 2039 2037 2036 2035 2034 2033 2031 2032 2030 2027 2029 2022 2023 2028 2026 2024 2021 2025 Coupons Call Date
141 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix
Delaware River Port Authority
Total Debt Service
FY 2013 Bonds 2018A Bonds 2018B Bonds Total 2020 $ 23,654,793.75 $ 13,673,750.00 $ 75,965,250.00 $ 113,293,793.75 2021 23,654,793.75 13,673,750.00 73,340,250.00 110,668,793.75 2022 23,654,793.75 13,673,750.00 72,918,000.00 110,246,543.75 2023 23,654,793.75 13,673,750.00 72,487,750.00 109,816,293.75 2024 23,654,793.75 13,673,750.00 72,023,750.00 109,352,293.75 2025 23,654,793.75 13,673,750.00 71,531,250.00 108,859,793.75 2026 48,059,793.75 15,363,750.00 63,423,543.75 2027 48,056,937.50 28,934,250.00 76,991,187.50 2028 48,056,187.50 28,932,000.00 76,988,187.50 2029 48,056,437.50 28,936,500.00 76,992,937.50 2030 48,055,287.50 28,930,500.00 76,985,787.50 2031 48,057,787.50 28,932,500.00 76,990,287.50 2032 48,056,712.50 28,930,000.00 76,986,712.50 2033 48,059,962.50 28,936,000.00 76,995,962.50 2034 48,059,750.00 28,932,750.00 76,992,500.00 2035 48,058,750.00 28,933,250.00 76,992,000.00 2036 48,058,250.00 28,934,750.00 76,993,000.00 2037 48,058,750.00 28,934,500.00 76,993,250.00 2038 48,058,000.00 28,929,750.00 76,987,750.00 2039 48,058,500.00 28,932,750.00 76,991,250.00
Total $ 814,739,868.75 $ 473,535,750.00 $ 438,266,250.00 $ 1,726,541,868.75
Coupons Low 4.125% 5.000% 5.000% 4.708% High 5.000% 5.000% 5.000% 5.000%
Call Date 1/1/2024 1/1/2029 1/1/2029
Refi No No No
142 Joseph M. Torsella, Pennsylvania State Treasurer Total 2.631% 4.531% 9,797,483.75 9,793,665.00 9,790,257.50 8,393,456.25 8,390,693.75 7,295,909.38 6,036,100.00 2,245,043.75 1,223,650.00 1,220,050.00 1,220,550.00
12,976,245.00 11,949,840.00 11,879,820.00 11,885,423.75 10,970,285.00
125,068,473.13 $ $ -
No 2.375% 5.000% 1,699,675.00 1,698,175.00 1,698,550.00 1,695,675.00 1,704,175.00 1,094,425.00 1,097,175.00 1,092,550.00 1,099,587.50 1,093,500.00
10/1/2026
13,973,487.50 2016A Bonds 2016A $ $ No 2.375% 5.000% 1,214,668.75 1,218,668.75 1,218,268.75 1,219,568.75 1,216,968.75 1,218,168.75 1,216,768.75 1,220,568.75 1,228,125.00 1,228,750.00 1,228,750.00 1,222,850.00 1,221,200.00 1,223,650.00 1,220,050.00 1,220,550.00
4/1/2026
19,537,575.00 2016 Bonds $ $ Yes 2.375% 5.000% 1,255,393.75 1,255,768.75 1,249,018.75 1,254,893.75 1,252,234.38 1,256,387.50 1,253,512.50 1,253,537.50 1,255,525.00 1,255,050.00 1,253,525.00
10/1/2023
13,794,846.88 2015A Bonds 2015A $ $ No
573,668.75 574,543.75 574,168.75 582,293.75 571,709.38
2.375% 5.000%
2,876,384.38 10/1/2023 2015 Bonds $ $ Total Debt Service Total Harrisburg Area Community Area College Harrisburg Yes 2.700% 5.000%
2,325,763.75 2,323,138.75 2,325,636.25 2,325,883.75 1,415,033.75 1,415,668.13 1,413,421.25 1,413,282.50 10/1/2022 2014 Bonds
14,957,828.13
$ $ No N/A
70,875.00 2.250% 2.500%
1,093,900.00 1,164,775.00 2013 Bonds $ $ Yes 3.000% 3.750% 4/1/2022 1,023,812.50 1,023,412.50 1,027,337.50 1,020,206.25 1,021,531.25 1,026,015.63 1,024,100.00 1,025,731.25 1,025,806.25 1,024,268.75 1,026,009.38 1,025,875.00 1,023,843.75
2012 Bonds
13,317,950.00
$ $ Yes 3.600% 5.000% 4/1/2021
3,789,362.50 3,785,257.50 3,786,840.00 3,786,902.50 3,788,632.50 3,786,818.75 3,788,687.50 3,784,587.50 3,784,412.50 3,789,125.00 3,787,625.00 3,787,375.00 2011 Bonds
45,445,626.25
$ $ FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total Coupons Call Date
143 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix
Montgomery County Community College
Total Debt Service
FY 2013 Bonds 2015 Bonds Total 2021 $ 4,824,493.75 $ 5,276,600.00 $ 10,101,093.75 2022 4,826,993.75 5,279,350.00 10,106,343.75 2023 4,826,743.75 5,274,100.00 10,100,843.75 2024 4,828,493.75 5,285,850.00 10,114,343.75 2025 4,827,093.75 5,273,350.00 10,100,443.75 2026 2,555,093.75 5,277,350.00 7,832,443.75 2027 2,556,156.25 5,276,600.00 7,832,756.25 2028 2,557,518.75 5,275,850.00 7,833,368.75 2029 2,558,800.00 2,344,600.00 4,903,400.00 2030 2,557,000.00 2,343,850.00 4,900,850.00 2031 2,554,975.00 2,341,850.00 4,896,825.00 2032 2,557,450.00 2,342,050.00 4,899,500.00 2033 2,553,875.00 2,344,250.00 4,898,125.00 2034 1,199,250.00 2,343,000.00 3,542,250.00 2035 1,197,250.00 2,346,750.00 3,544,000.00 2036 1,198,000.00 1,198,000.00 2037 1,196,250.00 1,196,250.00 2038 1,197,000.00 1,197,000.00
Total $ 50,572,437.50 $ 58,625,400.00 $ 109,197,837.50
Coupons Low 4.000% 4.000% 4.000% High 5.500% 5.000% 5.250%
Call Date 5/1/2023 5/1/2025
Refi Yes No
144 Joseph M. Torsella, Pennsylvania State Treasurer
Northampton Area Community College
Total Debt Service
FY 2011 Bonds 2014A Bonds 2014B Bonds 2017 Loan Total 2021 $ 5,686,200.00 $ 2,359,350.00 $ 1,180,212.50 $ 504,323.14 $ 9,730,085.64 2022 5,687,937.50 2,354,100.00 1,176,087.50 252,161.57 9,470,286.57 2023 5,690,750.00 2,356,100.00 1,173,981.25 9,220,831.25 2024 5,690,225.00 2,354,850.00 1,179,625.00 9,224,700.00 2025 5,687,600.00 2,350,350.00 1,173,625.00 9,211,575.00 2026 5,690,750.00 2,357,600.00 8,048,350.00 2027 5,688,062.50 2,355,850.00 8,043,912.50 2028 5,687,950.00 2,355,350.00 8,043,300.00 2029 5,688,975.00 2,360,850.00 8,049,825.00 2030 5,687,500.00 2,356,850.00 8,044,350.00 2031 5,686,450.00 2,352,250.00 8,038,700.00 2032 - 2,350,500.00 2,350,500.00 2033 - 2,354,000.00 2,354,000.00 2034 - 2,357,250.00 2,357,250.00
Total $ 62,572,400.00 $ 32,975,250.00 $ 5,883,531.25 $ 756,484.71 $ 102,187,665.96
Coupons Low 4.750% 4.000% 3.250% 2.000% 3.500% High 5.500% 5.000% 5.000% 2.000% 4.375%
Call Date 3/1/2021 6/15/2022 9/1/2022 N/A
Refi Yes Yes Yes No
145 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix 871,000.00 873,750.00 875,000.00 874,750.00 873,000.00 874,750.00 874,750.00 873,000.00 874,500.00 504,000.00 Total 6,806,570.00 3.054% 4.732% 78,244,382.50 46,171,600.00 41,729,008.75 73,981,580.00 39,478,756.25 39,181,185.00 69,276,197.50 89,647,066.25 32,676,677.50 27,778,087.50 86,760,146.25 66,078,713.75 20,588,350.00 80,527,331.25 14,683,550.00 60,760,688.75 60,128,372.50 54,639,528.75 52,963,431.25 52,893,341.25 112,593,688.61 116,299,565.00 114,111,982.50 116,389,552.50
1,562,757,853.61 $ $
- - - - - No
9,311,143.61 7,806,100.00 7,804,600.00 3,614,550.00 7,797,350.00 3,615,750.00 7,811,600.00 3,615,650.00 7,803,100.00 3,615,100.00 7,808,600.00 7,807,100.00 3,613,062.50 3,614,537.50 7,798,850.00 4,585,350.00 7,798,350.00 4,582,100.00 4,584,900.00 3,819,250.00 3,705,150.00 3,612,050.00
2.000% 5.000%
AX Bonds AX 126,124,243.61 6/15/2030 $ $
- - - 995,025.00 999,400.00 707,500.00 709,200.00 710,300.00 710,800.00 710,700.00 997,037.50 999,262.50 No 7,311,587.50 7,282,587.50 7,281,587.50 1,003,900.00 2,560,587.50 7,282,337.50 7,287,337.50 2,569,837.50 7,279,087.50 2,574,037.50 2,564,837.50 2,562,637.50 2.250% 5.000% 12,315,087.50 12,450,087.50 20,032,087.50
109,896,850.00 6/15/2029 AW Bonds AW $ $
- - No
7,981,731.25 8,091,026.25 8,389,400.00 8,377,257.50 8,209,866.25 8,387,690.00 8,387,680.00 8,388,610.00 8,385,900.00 8,328,606.25 8,385,190.00 8,389,660.00 8,387,337.50 8,388,650.00 8,384,425.00 8,385,637.50 8,383,032.50 8,385,817.50 5,934,670.00 8,387,632.50 8,387,485.00 8,392,200.00 8,383,420.00 8,381,030.00 3.050% 4.300% 11,102,300.00 6/15/2028
208,986,255.00 AV-2 Bonds AV-2
$
$
- No 4,264,187.50 4,263,793.75 4,261,187.50 4,264,793.75 4,262,487.50 4,263,687.50 4,260,687.50 4,260,043.75 4,705,043.75 4,262,625.00 4,264,125.00 4,260,543.75 4,264,643.75 4,262,293.75 4,260,043.75 4,261,443.75 4,263,443.75 4,260,843.75 4,263,918.75 3.500% 5.000%
11,654,043.75 12,703,543.75 11,071,293.75 10,457,793.75 6/15/2028
AV-1 Bonds AV-1 127,316,512.50
$
$ No 1.750% 2.750%
1,692,725.00 1,693,050.00 1,695,375.00 1,689,350.00 1,690,150.00 1,691,625.00 1,693,500.00 1,689,375.00 6/15/2027 AU-3 Bonds AU-3
13,535,150.00
$ $ No 3.000% 5.000%
7,848,656.25 8,697,156.25 1,321,900.00 7,207,156.25 8,706,156.25 1,321,600.00 4,610,406.25 6,389,906.25 4,615,806.25 6,468,906.25 4,610,006.25 7,208,406.25 7,209,656.25 4,613,656.25 4,613,556.25 1,319,706.25 1,320,806.25 1,319,400.00 6/15/2027 AU-2 Bonds AU-2
89,402,843.75
$ $
- No 525,481.25 526,887.50 526,418.75 521,887.50 526,575.00 3.000% 5.000%
2,566,437.50 2,577,187.50 2,184,387.50 2,671,437.50 2,599,187.50 2,694,237.50 2,611,687.50 2,708,037.50 2,624,937.50 2,728,037.50 2,638,687.50 2,657,687.50 2,746,137.50 2,106,687.50 2,124,337.50 2,139,887.50 2,163,337.50 6/15/2027 AU-1 Bonds AU-1
45,169,587.50
$ $
No 2.000% 3.200%
1,281,507.50 1,278,007.50 1,281,947.50 1,279,185.00 1,278,916.25 1,280,265.00 1,278,916.25 1,279,585.00 1,278,016.25 1,277,085.00 1,277,935.00 1,279,891.25 1,280,672.50 1,280,360.00 1,278,080.00 1,279,680.00 6/15/2026 AT-2 Bonds AT-2
20,470,050.00
$ $ Total Debt Service No 871,900.00 871,000.00 873,750.00 875,000.00 874,750.00 873,000.00 874,750.00 874,750.00 873,000.00 874,500.00 504,000.00 7,229,000.00 2,870,550.00 3.000% 5.000% State System of Higher Education
17,283,350.00 17,704,100.00 16,260,050.00 17,284,600.00 17,280,350.00 15,364,100.00 17,283,100.00 17,279,350.00 15,180,600.00 15,188,000.00 17,282,350.00 15,186,650.00 17,284,350.00 10,275,400.00 17,286,100.00 17,279,100.00 17,288,100.00 17,287,850.00 17,294,650.00 17,282,250.00 17,285,650.00 17,283,450.00 6/15/2026
AT-1 Bonds AT-1 383,763,450.00
$
$
No 2.000% 5.000% AS Bonds AS
4,756,550.00 4,750,050.00 4,199,300.00 1,891,550.00 4,196,800.00 1,891,800.00 4,192,300.00 1,893,550.00 4,195,550.00 4,195,800.00 1,892,350.00 1,887,800.00 1,889,800.00 1,890,900.00 1,890,500.00 1,893,600.00 1,890,050.00 6/15/2026
49,398,250.00
$ $
- No 3.000% 5.000%
6,495,768.75 6,495,768.75 6,503,268.75 6,500,618.75 6,501,400.00 6,497,518.75 6,500,000.00 6,495,200.00 6,499,443.75 6,498,768.75 6,498,475.00 6,501,268.75 6,501,218.75 6,497,025.00 6,502,718.75 6,500,150.00 6,501,512.50 6,500,325.00 6,497,200.00 6,498,600.00 AR Bonds AR 6/15/2025
129,986,250.00
$
$ No 3.000% 5.000% AQ Bonds AQ 9,424,006.25 9,996,006.25 2,057,956.25 9,997,006.25 2,058,893.75 9,998,256.25 2,061,243.75 6,783,756.25 2,063,256.25 2,056,806.25 2,058,706.25 2,061,431.25 2,063,781.25 2,058,856.25 2,059,437.50 6/15/2025
10,827,256.25 77,626,656.25
$ $ No N/A 4.000% 5.000% AP Bonds AP
8,448,250.00 8,459,450.00 8,433,250.00 8,415,750.00
33,756,700.00
$ $ Yes 4.000% 5.200%
1,440,175.00 1,436,775.00 1,437,175.00 1,441,090.00 1,437,175.00 1,439,840.00 1,440,050.00 1,440,840.00 1,439,630.00 1,436,510.00 1,438,840.00 1,439,590.00 1,441,240.00 6/15/2023 AO-2 Bonds AO-2
18,708,930.00
$ $ - Yes
878,643.75 874,393.75 871,393.75 752,850.00 752,400.00 754,143.75 757,025.00 755,306.25 755,137.50 755,431.25 754,481.25 757,400.00 756,850.00 753,600.00 753,950.00 756,725.00 753,150.00 753,450.00 3.375% 5.000% 6/15/2023 AO-1 Bonds AO-1
13,946,331.25 $ $
No N/A 5.000% 5.000%
AN Bonds AN
3,227,000.00 2,388,750.00 3,228,250.00 8,844,000.00
$ $ Yes 4.000% 5.000%
9,181,162.50 9,197,412.50 7,725,193.75 9,175,912.50 9,218,212.50 7,725,193.75 9,231,162.50 7,724,443.75 9,255,362.50 7,727,762.50 2,386,918.75 7,729,962.50 2,387,918.75 2,385,200.00 2,386,150.00 2,387,825.00 AM Bonds AM 6/15/2021
105,825,793.75 $
$ FY Refi Low High 2022 2023 2029 2021 2038 2024 2039 2030 2040 2025 2041 2031 2026 2042 2043 2027 2032 2044 2028 2045 2033 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2034 2035 2036 2037 Total Coupons Call Date
146 Joseph M. Torsella, Pennsylvania State Treasurer
Pennsylvania Infrastructure Investment Authority
Total Debt Service
FY 2015A Bonds 2018A Bonds Total 2021 $ 5,050,462.50 $ 6,485,500.00 $ 11,535,962.50 2022 5,050,962.50 6,486,000.00 11,536,962.50 2023 5,049,962.50 6,485,500.00 11,535,462.50 2024 5,052,212.50 6,483,500.00 11,535,712.50 2025 5,052,212.50 6,484,500.00 11,536,712.50 2026 5,054,712.50 6,482,750.00 11,537,462.50 2027 5,019,212.50 6,482,750.00 11,501,962.50 2028 4,982,212.50 6,483,750.00 11,465,962.50 2029 4,948,462.50 - 4,948,462.50 2030 4,912,462.50 - 4,912,462.50 2031 4,936,850.00 - 4,936,850.00 2032 4,895,600.00 - 4,895,600.00 2033 4,893,200.00 - 4,893,200.00 2034 4,894,200.00 - 4,894,200.00 2035 4,893,200.00 - 4,893,200.00
Total $ 74,685,925.00 $ 51,874,250.00 $ 126,560,175.00
Coupons Low 3.375% 5.000% 4.188% High 5.000% 5.000% 5.000%
Call Date 5/15/2025 N/A
Refi Yes No
147 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix Total
8,382,541.50 7,808,900.00 7,797,839.00 7,799,418.00 7,779,707.50 7,024,795.50 6,912,358.00 5,481,089.50 2,895,575.00 2,892,775.00 2,891,725.00 2,897,250.00 2,894,687.50 2,898,187.50 1,002,250.00 1,003,000.00 1,006,750.00 1,003,250.00 1,002,750.00
81,374,849.00 $ $ -
No N/A 2.470% 3.070%
1,017,891.00 1,017,637.00 1,016,385.00 1,019,025.00 1,020,572.50 1,020,547.50 1,023,900.00 1,015,239.50 8,151,197.50
2019B Bonds $ $ No 999,750.00 999,250.00 4.000% 5.000% 1,002,750.00 1,001,550.00 1,003,000.00 1,000,000.00 1,001,000.00 1,000,750.00 1,001,500.00 1,002,250.00 1,001,500.00 1,004,250.00 1,000,250.00 1,004,750.00 1,002,250.00 1,003,000.00 1,006,750.00 1,003,250.00 1,002,750.00
19,040,550.00 6/15/2028 2019A Bonds $ $ ------
No N/A 807,218.00 807,225.00 807,859.00 808,097.00 807,940.00 808,387.00 809,414.00
2.328% 2.328%
5,656,140.00 2017 Bonds $ $ ------
No 1.750% 5.000%
1,312,912.50 1,576,375.00 1,575,125.00 1,575,875.00 1,567,250.00 1,579,950.00 1,574,700.00 1,575,900.00
12,338,087.50
12/15/2026 2016 Bonds $ $ Total Debt Service - Bucks County Community College No 3.000% 5.000%
1,892,750.00 1,894,250.00 1,893,000.00 1,894,000.00 1,892,000.00 1,892,000.00 1,893,750.00 1,890,700.00 1,894,075.00 1,890,525.00 1,890,225.00 1,893,000.00 1,894,437.50 1,893,437.50 26,498,150.00 2014 Bonds 12/15/2024 $
$
- - No N/A
2.920% 2.920% 831,122.00 831,122.00 2011 Bonds $ $ ------No N/A 722,912.00 722,911.00 722,912.00 722,911.00 722,912.00 722,911.00 609,844.00
3.990% 3.990%
4,947,313.00 2007 Loan
$ $ ------No N/A 794,986.00 788,952.00 782,808.00 776,510.00 769,033.00 4.530% 4.530%
3,912,289.00 2004B Bonds
$ $ FY Low Refi High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Total Coupons Call Date
148 Joseph M. Torsella, Pennsylvania State Treasurer Total 273,225.00 276,900.00 270,300.00 273,100.00 275,600.00 267,800.00
1,719,430.31 2,620,642.81 2,640,184.06 2,622,416.56 2,343,839.66 2,348,327.16 2,193,223.75 2,204,483.75 1,868,714.38 1,866,160.00 1,184,275.00
25,248,622.44 $ $ No
322,333.75 320,958.75 329,068.75 326,368.75 327,968.75 328,906.25 324,531.25 330,000.00
2.500% 3.125%
2,610,136.25 1/15/2027 2019B Bonds $ $ No 267,787.50 272,687.50 277,287.50 271,587.50 270,887.50 271,987.50 267,987.50 268,787.50 274,380.00 269,435.00 269,275.00 273,225.00 276,900.00 270,300.00 273,100.00 275,600.00 267,800.00
2.000% 3.000% 4,619,015.00
1/15/2027 2019A Bonds $ $ - - - - -
No
702,677.50 685,365.00 692,196.25 682,828.75 686,711.25 689,161.25 685,705.00 690,696.25 679,334.38 681,725.00
2.250% 3.500% 6,876,400.63
1/15/2024 2018 Bonds $
$ Total Debt Service
------Butler County Community College No
5.500% 5.500%
143,272.16 143,272.16 143,272.16 143,272.16 143,272.16 143,272.16 859,632.96 Anytime 2017 Note
$ $ ------
No
283,359.40 283,359.40 283,359.40 283,359.40
3.650% 3.650% Anytime 2014 Note 1,133,437.60
$
$
- - -
No N/A 915,000.00 915,000.00 915,000.00 915,000.00 915,000.00 915,000.00 915,000.00 915,000.00 915,000.00 915,000.00 0.000% 0.000%
9,150,000.00
2000G Bonds $
$ FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Total Coupons Call Date
149 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix ------
Total 4.535% 4.966% 61,900,679.85 61,907,948.60 61,903,111.80 61,913,664.45 61,913,242.85 46,207,142.25 16,357,978.00
372,103,767.80
$ $ No N/A
3,445,307.50 3,445,307.50 2.845% 2.845% 2015B-2 Bonds $ $ No 7,247,750.00 2.500% 5.000% 16,423,500.00 18,743,000.00 29,857,000.00 29,858,500.00 14,148,750.00 6/1/2022 116,278,500.00
2015B-1 Bonds $ $ No N/A 5.740% 5.740%
16,372,280.00 16,366,288.00 16,364,134.00 16,363,522.00 16,362,156.00 16,357,740.00 16,357,978.00 114,544,098.00
2008A Bonds $
$ Commonwealth Financing Authority Financing Commonwealth No N/A Total Debt Service- Original Indenture 5.114% 5.197%
15,683,814.10 15,686,612.90 15,688,878.15 15,693,142.45 15,692,586.85 15,700,652.25 94,145,686.70 2006C Bonds2006C
$ $ No N/A 5.631% 5.631%
13,429,394.25 13,431,547.70 11,107,099.65 37,968,041.60 2006B Bonds
$ $ No N/A
5,722,134.00 5,722,134.00 5.380% 5.380% 2005B Bonds $ $ FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Total Coupons Call Date
150 Joseph M. Torsella, Pennsylvania State Treasurer Total 3.774% 5.107% 54,303,369.20 54,071,466.40 53,831,989.85 53,587,606.15 53,328,911.10 53,038,100.65 52,627,636.55 52,208,790.40 51,771,921.50 51,320,553.10 50,854,526.70 50,359,030.40 49,849,199.30 49,319,754.40 48,764,627.05 48,183,624.25 47,591,771.45 46,964,700.55 46,319,903.60 21,333,806.45 12,600,031.00 12,599,844.40
1,014,831,164.45
$ $ No
6,867,108.90 6,864,715.30 6,865,773.20 9,006,636.40
1.756% 3.532% 10,984,829.80 12,448,203.85 12,450,066.00 11,266,025.05 12,478,911.00 12,480,364.80 12,480,864.20 12,482,363.90 12,484,005.20 12,599,993.20 12,600,599.20 12,597,697.40 12,598,735.80 12,597,412.20 12,598,373.40 12,601,089.60 12,600,031.00 12,599,844.40
6/1/2030 252,553,643.80 2020C Bonds $ $
------
152,681.25 152,681.25 117,281.25 117,281.25 117,281.25 117,281.25 117,281.25 No
5,733,306.25 5,733,806.25 5,732,306.25 1,613,306.25 1,332,681.25 3,592,281.25
2.500% 5.000% 24,629,456.25
6/1/2022 2013B Bonds $ $
No N/A
5,555,510.40 5,555,510.40 5,555,510.40 5,555,510.40 5,555,510.40 9,987,971.65 9,865,381.25 9,745,059.45 9,616,138.20 9,478,328.15 9,341,339.95 9,199,305.55 9,046,646.25 8,893,072.70 8,732,716.85
5.587% 5.787% 10,510,510.40 10,408,674.55 10,312,061.45 10,204,833.05 10,096,989.35
173,216,580.80 Total Debt ServiceTotal - H2O 2010C-2 Bonds $ $
Commonwealth Financing Authority Yes
4,951,162.50 4,954,162.50 4,952,162.50 4,954,912.50 4,951,662.50
3.375% 5.000% 24,764,062.50
9/18/2020 2010C-1 Bonds $ $
No N/A 5.653% 6.218%
31,196,281.15 30,963,271.95 30,726,237.50 30,479,047.20 30,220,853.10 29,924,843.00 29,620,255.70 29,300,536.70 28,969,442.40 28,625,418.30 28,266,909.90 27,892,362.70 27,505,222.20 27,103,623.00 26,685,699.70 26,244,586.90 25,793,730.10 25,320,642.10 24,828,457.50
539,667,421.10 2009D Bonds
$ $ FY Low Refi High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Total Coupons Call Date
151 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix Total 3.871% 4.804% 31,456,703.30 31,453,726.70 30,512,583.20 29,485,209.75 29,482,896.95 29,482,618.95 29,485,314.30 29,482,025.55 29,479,210.55 29,478,718.70 29,480,772.10 30,863,385.80 32,278,676.00 32,772,000.00
425,193,841.85 $ $ $ No 5.000% 5.000% 3,434,000.00 3,434,000.00 6,264,000.00 9,267,500.00 9,263,750.00 9,265,250.00 9,266,000.00 9,265,250.00 9,262,250.00 9,261,250.00 9,266,250.00 9,261,000.00
6/1/2030
96,510,500.00 2020A Bonds $ $ $ $
- No 1,842,891.10 1,840,076.90 1,841,859.90 1,843,046.30 1,838,538.20 1,838,311.45 1,842,064.30 8,704,969.30 8,709,104.30 8,707,893.70 8,708,597.10 8,705,385.80 8,704,176.00
1.756% 3.008%
65,126,914.35 6/1/2030 2020B Bonds 2020B $ $ $ $ No N/A
2,041,250.00 2,041,250.00 2,041,250.00 5,036,250.00 6,536,500.00 6,539,250.00 6,540,250.00 6,539,000.00 6,535,000.00 6,537,750.00 6,536,250.00
5.000% 5.000% 56,924,000.00 2019B Bonds 2019B $ $ $ $ No
5,017,212.50 5,011,962.50 5,018,037.50 5,012,706.25 5,016,706.25 5,013,056.25 5,244,106.25 4,972,806.25 4,972,856.25 4,971,825.00 4,969,675.00 2.125% 5.000%
12,897,000.00 23,574,500.00 32,772,000.00 6/1/2025 124,464,450.00
2015A Bonds $ $
$ $
------Total Energy Service - Debt
39,000.00 39,000.00 39,000.00 39,000.00 39,000.00 39,000.00
No Commonwealth Financing Authority
1,339,000.00 1,573,000.00 3.000% 5.000% 6/1/2022 2013A-2 Bonds $ $
$ $
No N/A
6,785,487.50 6,787,675.00 6,785,237.50 6,786,580.00 6,788,402.50 6,787,751.25 5,253,893.75 2.688% 3.525%
45,975,027.50 2013A-1 Bonds
$ $ $ $ No N/A
6,778,249.00 6,776,507.50 3,001,759.50 5.310% 5.510%
16,556,516.00 2010A Bonds
$ $ $ $ No N/A
5,518,613.20 5,523,254.80 5,521,438.80 1,500,127.20
6.092% 6.392% 18,063,434.00 2009A Bonds $ $ $ $
FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total Coupons Call Date Call
152 Joseph M. Torsella, Pennsylvania State Treasurer Total 3.540% 3.938% 61,180,765.50 61,180,765.50 61,180,765.50 61,180,765.50 61,180,765.50 61,180,765.50 86,680,765.50
101,897,998.10 118,445,258.75 137,438,414.35 144,839,498.00 151,922,538.65 160,248,049.95 167,380,301.95 172,350,961.55 177,838,609.20 177,989,294.35 178,146,848.45 115,186,204.90 115,637,850.15 116,108,129.50
2,489,195,316.35 $ $ No N/A 3.657% 3.807% 14,707,920.75 14,707,920.75 14,707,920.75 14,707,920.75 14,707,920.75 14,707,920.75 14,707,920.75 14,707,920.75 14,707,920.75 14,707,920.75 14,707,920.75 14,707,920.75 14,707,920.75 20,267,920.75 25,099,591.55 30,442,132.40 30,430,127.15 30,416,728.45
115,186,204.90 115,637,850.15 116,108,129.50 674,791,654.60
2019A Bonds
$ $ No N/A 3.451% 3.864% 15,693,394.70 15,693,394.70 15,693,394.70 15,693,394.70 15,693,394.70 15,693,394.70 28,673,394.70 36,560,454.90 41,707,822.25 45,589,645.60 42,792,554.25 46,480,321.60 50,629,977.20 47,411,533.20 47,451,458.80 47,491,299.20 47,543,736.00 47,600,871.20
624,093,437.10 2018A Bonds Total Debt ServiceTotal - PlanCon
$ $ Commonwealth Financing Authority -
No N/A 3.513% 4.144%
30,779,450.05 30,779,450.05 30,779,450.05 30,779,450.05 30,779,450.05 30,779,450.05 43,299,450.05 50,629,622.45 62,029,515.75 77,140,848.00 87,339,023.00 90,734,296.30 94,910,152.00 99,700,848.00 99,799,911.20 99,905,177.60
100,015,431.20 100,129,248.80 2016A Bonds 1,190,310,224.65
$
$ FY Low Refi High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 Total Coupons Call Date
153 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix Total 4.000% 5.000% 115,370,150.00 115,368,900.00 115,369,150.00 115,369,900.00 115,369,900.00 115,367,650.00 115,371,400.00 115,368,650.00 116,002,150.00 115,337,150.00 115,338,650.00 115,336,150.00 115,335,650.00 115,337,400.00 115,336,150.00 115,336,400.00 115,337,800.00 115,336,400.00 115,336,000.00
2,192,325,600.00 $ $ No 4.000% 5.000% 6/1/2028 115,370,150.00 115,368,900.00 115,369,150.00 115,369,900.00 115,369,900.00 115,367,650.00 115,371,400.00 115,368,650.00 116,002,150.00 115,337,150.00 115,338,650.00 115,336,150.00 115,335,650.00 115,337,400.00 115,336,150.00 115,336,400.00 115,337,800.00 115,336,400.00 115,336,000.00
2018 Bonds
2,192,325,600.00 Total DebtService - Tobacco
$ $ Commonwealth Financing Authority FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Total Coupons Call Date
154 Joseph M. Torsella, Pennsylvania State Treasurer Total 2.580% 3.818% 9,505,679.00 9,016,541.00 8,593,931.25 8,596,818.75 8,594,881.25 7,644,206.25 7,088,231.25 7,076,537.50 7,072,887.50 7,077,456.25 7,084,956.25 7,083,118.75 7,080,231.25 7,081,681.25 2,988,887.50 2,995,700.00 1,481,800.00 1,482,000.00
10,012,910.97
127,558,455.97 $ $ 3/1/2030 No 3.000% 5.000% 1,480,380.56 1,476,200.00 1,475,000.00 1,477,800.00 1,477,300.00 1,480,050.00 1,475,800.00 1,479,800.00 1,476,550.00 1,476,300.00 1,473,800.00 1,479,050.00 1,476,550.00 1,476,550.00 1,478,800.00 1,480,200.00 1,484,600.00 1,481,800.00 1,482,000.00
2020 Bonds 28,088,530.56 $ $ No N/A 361,008.33 401,700.00 407,900.00 403,500.00 408,500.00 402,900.00
3.000% 4.000%
2,385,508.33 2019B Bonds $ $ No N/A 3.000% 5.000%
1,288,602.08 1,490,000.00 1,489,000.00 1,489,875.00 1,492,375.00 1,491,375.00 8,741,227.08
2019A Bonds $ $ No 428,316.00 428,316.00 428,316.00
2.750% 2.750%
1,284,948.00 Anytime 2019 Loan $ $ No 3.375% 5.000% 1,511,906.25 1,509,406.25 1,510,156.25 1,513,906.25 1,510,406.25 1,514,906.25 1,511,906.25 1,511,706.25 1,509,906.25 1,511,506.25 1,511,306.25 1,514,306.25 1,515,306.25 1,509,306.25 1,509,756.25 1,508,687.50 1,511,100.00
6/15/2026
25,695,481.25 2018 Bonds $ $ Total Debt Service Debt Total No N/A 492,138.00 492,138.00 984,276.00
2.250% 2.250% 2018 Loan $ $ Community College of Allegheny County No N/A
105,154.00 105,154.00 2.000% 2.000% 2017 Loan $ $ No N/A
634,012.00 634,012.00 2.000% 2.000% 2017 Loan $ $
------No 2.000% 5.000% 6/15/2024
1,130,337.50 1,131,587.50 1,130,587.50 1,132,337.50 1,131,587.50 1,130,287.50 1,133,587.50 7,920,312.50 2016 Bonds $ $
No 285,381.25 276,781.25 279,781.25 280,387.50 280,400.00 280,037.50 279,037.50 282,631.25 275,643.75 273,387.50 275,687.50 277,637.50 278,937.50 279,875.00 280,125.00 2.000% 4.000% 5/15/2023 4,185,731.25 2015 Bonds
$ $ No 3.000% 5.000%
2,295,675.00 2,299,550.00 2,295,800.00 2,296,125.00 2,296,250.00 2,295,325.00 3,243,875.00 3,814,093.75 3,814,437.50 3,811,693.75 3,816,662.50 3,813,962.50 3,812,325.00 3,814,500.00 3,813,000.00 7/15/2021 2012 Bonds
47,533,275.00
$ $ FY Low Refi High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Total Coupons Call Date Call
155 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix 674,650.00
Total 3.413% 4.257% 8,481,631.25 8,479,631.25 7,602,131.25 7,607,131.25 7,601,881.25 1,821,131.25 1,822,881.25 1,821,631.25 1,822,381.25 1,824,881.25 1,823,881.25 1,824,381.25 1,822,831.25 1,822,493.75 1,825,287.50
10,942,682.60 10,620,381.25 10,615,381.25 90,857,282.60
$ $ No
676,750.00 677,000.00 676,500.00 675,250.00 678,250.00 675,250.00 676,500.00 676,750.00 676,000.00 674,250.00 676,500.00 677,500.00 677,250.00 675,750.00 678,000.00 675,450.00 677,450.00 678,850.00 674,650.00
3.000% 5.000% 6/15/2029 12,853,900.00
2019A Bonds $ $ No 3.625% 5.000% 3,287,631.25 3,285,381.25 3,282,381.25 1,148,381.25 1,144,631.25 1,144,631.25 1,148,131.25 1,144,881.25 1,145,131.25 1,148,631.25 1,145,131.25 1,144,881.25 1,147,631.25 1,148,131.25 1,146,381.25 1,147,381.25 1,145,043.75 1,146,437.50
6/15/2028 27,050,831.25 2018 Bonds
$ $ Total Debt Service No 5.000% 5.000% Community College of Philadelphia of College Community
6,652,750.00 6,658,000.00 6,656,500.00 6,658,000.00 6,656,750.00 5,782,250.00 5,782,500.00 5,780,250.00
6/15/2025 2015 Bonds 50,627,000.00 $ $
No N/A
325,551.35 325,551.35 2.027% 2.027% 2013A Bonds $ $ FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Total Coupons Call Date
156 Joseph M. Torsella, Pennsylvania State Treasurer Total 748,875.00 748,250.00
2.761% 3.822%
7,846,566.40 6,376,987.75 6,258,256.25 6,015,993.75 6,003,393.75 5,999,168.75 5,997,043.75 5,988,543.75 4,171,456.25 4,167,984.38 4,161,787.50 4,168,825.00 4,164,100.00 1,781,106.25 1,786,906.25
76,385,244.77
$ $ No 752,825.00 752,025.00 750,925.00 752,500.00 751,600.00 752,875.00 751,125.00 748,375.00 749,500.00 749,375.00 748,000.00 750,250.00 751,000.00 750,250.00 752,875.00 748,875.00 748,250.00
3.000% 5.000% 10/1/2026
12,760,625.00 2017 Bonds $ $ No 3.625% 5.000% 4,241,800.00 4,232,925.00 4,232,425.00 4,230,225.00 4,221,525.00 4,215,650.00 4,216,650.00 4,209,150.00 2,389,400.00 2,389,150.00 2,383,900.00 2,384,925.00 2,382,412.50
4/1/2025
45,730,137.50 2015 Bonds $ $ No
259,575.05 259,575.05
N/A 2.006% 2.006% 2015 Note $ $
Total Debt Service Debt Total No 2.000% 5.000%
1,033,018.75 1,030,168.75 1,031,756.25 1,033,268.75 1,030,268.75 1,030,643.75 1,029,268.75 1,031,018.75 1,032,556.25 1,029,459.38 1,029,887.50 1,033,650.00 1,030,687.50 1,030,856.25 1,034,031.25 10/1/2024 15,470,540.63 2014 Bonds $
Delaware County Community College No
253,230.00 248,190.00 243,150.00 744,570.00 1.575% 2.625% Anytime 2013 Bonds
$ No 2.616% 2.616%
227,359.00 113,679.00 341,038.00 Anyitme 2011 Bonds
$ No 4.504% 4.504% Anytime
1,078,758.60 1,078,758.60 2005 Bonds
$ FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 Total Coupons Call Date
157 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix
669,835.20 174,152.58 843,987.78
Total 4.207% 4.207% $ $ 118,921.80 118,921.80
No N/A 4.190% 4.190% Western $ $ 44,144.88 44,144.88
No N/A 4.190% 4.190% West Central $ $ 298,547.28 174,152.58 472,699.86
No N/A 4.290% 4.290% Veterans Homes $ $ Total Debt Service
61,473.36 61,473.36
No N/A Department of Military and Veterans Affairs Veterans and Military of Department 4.190% 4.190% Southeast $ $ 65,803.32 65,803.32 No N/A 4.190% 4.190% Northeast $ $ 80,944.56 80,944.56 No N/A 4.190% 4.190% Eastern Central $ $ FY Refi Low High 2021 2022 Total Coupons Call Date
158 Joseph M. Torsella, Pennsylvania State Treasurer
Lehigh Carbon Community College
Total Debt Service
FY 2013 Bonds 2016 Bonds Total 2021 $ 237,653.13 $ 1,396,978.75 $ 1,634,631.88 2022 239,206.25 1,391,853.75 1,631,060.00 2023 240,343.75 1,389,353.75 1,629,697.50 2024 240,943.75 1,394,103.75 1,635,047.50 2025 236,162.50 1,395,853.75 1,632,016.25 2026 235,984.38 1,389,728.75 1,625,713.13 2027 240,359.38 1,390,603.75 1,630,963.13 2028 239,262.50 473,106.88 712,369.38 2029 237,765.63 473,367.50 711,133.13 2030 235,975.00 477,500.00 713,475.00 2031 238,800.00 475,875.00 714,675.00 2032 236,093.75 236,093.75 2033 237,843.75 237,843.75 2034 234,312.50 234,312.50
Total $ 3,330,706.25 $ 11,648,325.63 $ 14,979,031.88
Coupons Low 2.125% 2.125% 2.125% High 3.750% 5.000% 4.375%
Call Date 11/1/2021 11/1/2026
Refi No No
159 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix
Luzerne County Community College
Total Debt Service
FY 2011 Loan 2017 Loan Total 2021 $ 250,785.96 $ 559,271.00 $ 810,056.96 2022 250,785.96 578,160.00 828,945.96 2023 250,785.96 597,616.00 848,401.96 2024 250,785.96 617,656.00 868,441.96 2025 250,785.96 638,296.00 889,081.96 2026 250,785.96 659,556.00 910,341.96 2027 250,785.96 681,454.00 932,239.96 2028 250,785.96 704,009.00 954,794.96 2029 250,785.96 727,240.00 978,025.96 2030 250,785.96 751,168.00 1,001,953.96 2031 62,696.49 775,814.00 838,510.49 2032 - 801,200.00 801,200.00 2033 - 827,347.00 827,347.00
Total $ 2,570,556.09 $ 8,918,787.00 $ 11,489,343.09
Coupons Low 4.990% 2.529% 3.760% High 4.990% 2.529% 3.760%
Call Date N/A N/A
Refi No No
160 Joseph M. Torsella, Pennsylvania State Treasurer Total 5,953,100.00
4.036% 5.044% 98,413,194.50 98,927,954.90 98,610,408.75 97,102,102.60 72,462,075.00 72,078,237.50 53,967,537.50 25,797,475.00 25,795,787.50 25,798,700.00 25,778,700.00 25,796,985.15 25,796,533.70 25,798,700.00 25,795,692.95 25,797,006.15 25,795,673.30 25,793,207.00
103,022,862.30 103,627,425.80 104,168,775.85 100,026,003.30 100,797,211.35 108,299,254.40 112,222,651.00 112,828,275.30 105,724,089.00 108,269,033.50 108,474,393.30 117,847,509.00 101,454,509.80 102,436,634.35 100,632,243.75
2,471,089,943.50 $ $ No N/A 4.000% 4.000% 9,043,350.00 9,039,200.00 9,035,000.00 9,030,800.00 9,026,200.00 9,025,800.00 9,024,000.00 9,020,400.00 9,019,600.00 8,996,000.00
90,260,350.00 2020 Voting $ $ No 3,712,616.95 3,713,838.20 3,713,553.20 8,142,159.20 8,246,819.60 8,348,793.00 8,449,963.55 8,553,681.60 8,651,696.60 8,757,501.10 8,856,923.80 8,955,505.50 9,054,825.90
1.865% 3.072% 18,120,057.60 3/1/2030 115,277,935.80 2020 Forum $ $ No 4.125% 5.000%
50,575,325.00 50,649,200.00 50,646,075.00 50,822,325.00 50,662,075.00 51,058,200.00 51,117,825.00 51,318,700.00 51,148,200.00 51,340,325.00 51,419,075.00 51,519,950.00 51,196,700.00 51,119,450.00 51,127,450.00 51,239,068.75 49,860,293.75 47,769,168.75 46,080,775.00 46,666,750.00 46,286,250.00 28,170,625.00 6/30/2026 2015 Rapid 1,081,793,806.25 $ $ No 3,718,000.00 3,842,250.00 3,971,500.00 4,105,000.00 4,247,000.00 4,394,450.00 4,546,500.00 4,702,050.00 4,865,000.00 5,013,975.00 5,163,700.00 5,318,075.00 5,480,725.00 5,645,000.00 5,855,000.00 6,045,000.00 5,925,000.00 6,025,000.00 6,170,000.00 6,035,000.00 5,890,000.00 5,745,000.00 5,595,000.00 5,440,000.00 2,585,000.00
5.000% 5.500% 10,775,000.00 10,755,000.00 10,773,285.15 10,774,771.20 10,775,000.00 10,771,992.95 10,773,006.15 10,773,673.30 10,772,907.00
1/1/2024
223,267,860.75 2013C Parking $ $ Total Debt Service No 5,183,800.00 5,360,050.00 5,534,550.00 5,721,800.00 5,920,550.00 6,128,450.00 6,338,200.00 6,558,700.00 6,783,700.00 6,988,700.00 7,198,700.00 7,418,700.00 7,643,700.00 7,873,700.00 8,168,700.00 8,428,700.00 8,263,700.00 8,398,700.00 8,608,700.00 8,413,700.00 8,213,700.00 8,013,700.00 7,803,700.00 7,583,700.00 3,368,100.00
5.000% 6.000% 15,023,700.00 15,023,700.00 15,023,700.00 15,021,762.50 15,023,700.00 15,023,700.00 15,024,000.00 15,022,000.00 15,020,300.00 1/1/2024 311,124,962.50 2013B Parking $ $ Pennsylvania Economic Financing Authority Development No 7,190,462.50 7,405,462.50 7,629,462.50 7,856,462.50 8,090,662.50 8,335,662.50 8,586,075.00 8,841,075.00 9,106,075.00 9,381,075.00 9,661,075.00 9,951,075.00 9,788,325.00 4.000% 5.250%
1/1/2024 10,249,575.00 10,559,325.00 10,083,325.00 10,383,325.00 10,693,325.00 11,015,850.00 11,346,625.00 11,688,287.50 12,038,212.50 12,398,775.00 12,772,087.50
235,051,662.50 2013A Parking $ $ No 4,116,750.00 4,221,000.00 4,326,000.00 3.000% 5.000%
12,663,750.00 3/1/2022 2012 Forum
$ $ No MWC 5.301% 6.532%
19,482,557.85 19,396,425.10 19,312,635.15 12,734,647.80 12,734,647.80 12,734,647.80 12,734,647.80 19,304,647.80 22,648,379.40 22,350,699.20 23,424,615.20 25,105,728.00 24,848,867.40 24,529,976.40 26,515,034.80 26,640,540.60 26,199,925.00 25,724,215.00 25,226,777.60 401,649,615.70 $ $
2010B Convention FY Low Refi High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 Total Coupons Call Date
161 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix No No N/A N/A 5/25/2057 9/25/2065 9/25/2065 2012-1 Bonds 2016-1 Bonds $100,968,431.47 $280,736,359.01 1M LIBOR + 0.55% + LIBOR 1M 1.15% + LIBOR 1M 1.50% + LIBOR 1M No No N/A N/A 4/25/2045 2012 Bonds 12/15/2022 10/25/2041 2015-1 Bonds $9,600,000.00 $292,226,319.89 1M LIBOR + 0.60% + LIBOR 1M 1.50% + LIBOR 1M Various Fixed Rates No N/A N/A 6/25/2038 8/25/2040 6/25/2043 2011-1 Bonds 2014-3 Bonds $388,912,871.32 $235,100,499.85 3M LIBOR + 1.10% + LIBOR 3M 0.59% + LIBOR 1M 1.50% + LIBOR 1M No No N/A N/A 1/25/2028 2/25/2043 5/25/2043 2009-2 Notes 2014-2 Bonds $23,038,983.53 $253,046,895.83 1M LIBOR + 0.57% + LIBOR 1M 1.50% + LIBOR 1M 3M LIBOR + 1.10% + LIBOR 3M No No N/A N/A Total 7/25/2029 8/25/2043 19,418,963.14 12/26/2041 2009-1 Notes 2014-1 Bonds $854,655,371.70 $223,642,266.72 $ 1M LIBOR + 0.70% + LIBOR 1M 1.50% + LIBOR 1M 3M LIBOR + 0.90% + LIBOR 3M Outstanding Balances Outstanding No No No 5.00% 2.45% Pennsylania Higher Education Assistance Agency Assistance Higher Education Pennsylania 6/1/2029 6/1/2041
136,757,136.94 2020 Bonds 10/25/2036 10/25/2042 11/25/2042 10/25/2016 2006-2 Notes 2013-3 Bonds $7,970,981.39 28 -day Auction $203,067,028.00 1M LIBOR + 0.75% + LIBOR 1M 1.50% + LIBOR 1M 3M LIBOR + 0.13% + LIBOR 3M $ No No No N/A N/A 4/26/2038 4/25/2030 10/25/2035 10/25/2068 10/25/2016 2006A Notes 2006A 2013-2 Bonds 2018-1 Bonds $94,118,310.19 $67,750,112.76 $322,683,027.84 3M LIBOR + 0.27% + LIBOR 3M 0.55% + LIBOR 1M 0.30% + LIBOR 1M 0.77% + LIBOR 1M 3M LIBOR + 0.14% + LIBOR 3M No No No N/A N/A 3/16/2037 3/16/2037 1/25/2036 2005 Notes 11/25/2065 11/25/2065 2013-1 Bonds 2016-2 Bonds $81,840,675.11 $194,968,101.21 $193,922,475.90 3M LIBOR + 0.12% + LIBOR 3M 0.50% + LIBOR 1M 0.95% + LIBOR 1M 1.50% + LIBOR 1M 3M LIBOR + 0.38% + LIBOR 3M FY FY FY Refi Refi Refi Rates B Rates B Rates B Rates A Rates A Rates A Principal Principal Principal Maturity B Maturity B Maturity B Maturity Maturity A Maturity A Maturity A Maturity
162 Joseph M. Torsella, Pennsylvania State Treasurer
163 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix
164 Joseph M. Torsella, Pennsylvania State Treasurer
165 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix
166 Joseph M. Torsella, Pennsylvania State Treasurer
Pennsylvania Housing Finance Agency Single Family Mortgage Semi-Annual Debt Service Schedule Starting 2020-10-01 Date Schedule Principal Schedule Interest* Fees** Total Annual 10/1/2020 32,540,000.00 44,861,071.69 181,837.92 77,582,909.61 4/1/2021 51,320,000.00 45,396,658.21 213,135.97 96,929,794.18 174,512,703.79 10/1/2021 54,055,000.00 44,806,708.52 209,374.43 99,071,082.95 4/1/2022 55,625,000.00 44,171,603.59 205,377.91 100,001,981.50 199,073,064.45 10/1/2022 57,550,000.00 43,500,195.24 200,115.04 101,250,310.28 4/1/2023 56,670,000.00 42,804,739.96 192,887.03 99,667,626.99 200,917,937.27 10/1/2023 55,205,000.00 42,113,306.36 185,122.70 97,503,429.06 4/1/2024 51,585,000.00 41,439,292.05 177,213.39 93,201,505.44 190,704,934.50 10/1/2024 52,950,000.00 40,795,617.22 169,147.78 93,914,765.00 4/1/2025 51,545,000.00 40,125,260.88 160,930.94 91,831,191.82 185,745,956.82 10/1/2025 56,805,000.00 39,432,440.88 152,555.32 96,389,996.20 4/1/2026 63,570,000.00 38,639,548.59 144,340.95 102,353,889.54 198,743,885.74 10/1/2026 61,125,000.00 37,723,956.61 138,290.45 98,987,247.06 4/1/2027 56,585,000.00 36,803,680.52 135,582.76 93,524,263.28 192,511,510.34 10/1/2027 54,810,000.00 35,987,101.58 133,171.30 90,930,272.88 4/1/2028 58,425,000.00 35,214,222.33 132,552.50 93,771,774.83 184,702,047.71 10/1/2028 59,530,000.00 34,324,605.22 132,552.50 93,987,157.72 4/1/2029 57,605,000.00 33,413,098.41 132,552.50 91,150,650.91 185,137,808.63 10/1/2029 57,035,000.00 32,501,931.14 132,552.50 89,669,483.64 4/1/2030 62,955,000.00 31,593,967.76 132,552.50 94,681,520.26 184,351,003.90 10/1/2030 65,030,000.00 30,564,378.27 132,432.50 95,726,810.77 4/1/2031 58,450,000.00 29,501,181.07 131,112.50 88,082,293.57 183,809,104.34 10/1/2031 63,470,000.00 28,574,004.26 128,960.00 92,172,964.26 4/1/2032 66,995,000.00 27,551,142.64 126,757.50 94,672,900.14 186,845,864.40 10/1/2032 66,355,000.00 26,436,235.98 124,070.50 92,915,306.48 4/1/2033 65,425,000.00 25,333,205.92 120,634.00 90,878,839.92 183,794,146.40 10/1/2033 66,565,000.00 24,247,429.33 111,994.00 90,924,423.33 4/1/2034 71,340,000.00 23,150,817.78 101,900.75 94,592,718.53 185,517,141.86 10/1/2034 69,580,000.00 21,948,566.60 91,869.00 91,620,435.60 4/1/2035 74,190,000.00 20,781,025.93 85,390.50 95,056,416.43 186,676,852.03 10/1/2035 77,405,000.00 19,557,157.49 76,059.25 97,038,216.74 4/1/2036 70,035,000.00 18,306,767.14 63,537.25 88,405,304.39 185,443,521.13 10/1/2036 67,285,000.00 17,165,287.54 54,914.25 84,505,201.79 4/1/2037 54,515,000.00 16,017,295.43 52,500.00 70,584,795.43 155,089,997.22 10/1/2037 50,865,000.00 15,082,307.43 52,500.00 65,999,807.43 4/1/2038 44,415,000.00 14,210,563.46 52,500.00 58,678,063.46 124,677,870.89 10/1/2038 47,205,000.00 13,463,628.83 52,500.00 60,721,128.83 4/1/2039 44,285,000.00 12,663,601.63 52,500.00 57,001,101.63 117,722,230.46 10/1/2039 43,595,000.00 11,924,636.89 52,500.00 55,572,136.89 4/1/2040 44,960,000.00 11,201,191.96 52,500.00 56,213,691.96 111,785,828.85 10/1/2040 41,045,000.00 10,447,799.73 52,500.00 51,545,299.73 4/1/2041 42,980,000.00 9,752,537.37 52,500.00 52,785,037.37 104,330,337.10 10/1/2041 44,765,000.00 9,027,408.88 52,500.00 53,844,908.88 4/1/2042 34,285,000.00 8,267,930.12 52,500.00 42,605,430.12 96,450,339.00 10/1/2042 41,795,000.00 7,669,375.47 51,952.25 49,516,327.72 4/1/2043 35,735,000.00 6,988,614.52 49,203.00 42,772,817.52 92,289,145.24 10/1/2043 36,275,000.00 6,420,698.58 46,403.00 42,742,101.58 4/1/2044 36,730,000.00 5,843,590.81 43,557.50 42,617,148.31 85,359,249.89 10/1/2044 37,260,000.00 5,258,718.21 40,661.25 42,559,379.46 4/1/2045 37,980,000.00 4,660,250.27 37,719.50 42,677,969.77 85,237,349.23 10/1/2045 37,500,000.00 4,048,626.61 34,725.25 41,583,351.86 4/1/2046 37,945,000.00 3,447,540.65 31,678.50 41,424,219.15 83,007,571.01 10/1/2046 38,430,000.00 2,811,283.67 28,579.25 41,269,862.92 4/1/2047 28,645,000.00 2,165,618.72 25,427.50 30,836,046.22 72,105,909.14 10/1/2047 29,655,000.00 1,687,972.23 22,223.25 31,365,195.48 4/1/2048 16,865,000.00 1,190,713.72 18,966.50 18,074,680.22 49,439,875.70 10/1/2048 17,215,000.00 899,443.28 15,655.50 18,130,098.78 4/1/2049 12,895,000.00 602,029.50 12,285.00 13,509,314.50 31,639,413.28 10/1/2049 16,295,000.00 387,883.33 8,860.25 16,691,743.58 4/1/2050 3,805,000.00 110,104.50 5,374.25 3,920,478.75 20,612,222.33 10/1/2050 2,745,000.00 61,652.87 2,037.00 2,808,689.87 4/1/2051 1,525,000.00 26,687.50 0.00 1,551,687.50 4,360,377.37 *Assumed Current Market Rate as of 6-30-2020 for all Variable Rate Bond **Assumed all liquidity fees and remarketing maintain current fee rate until bond retirement
167 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix
Pennsylvania Highlands Community College
Total Debt Service
FY 2017 Loan 2017 Loan 2017 Loan 2019 Loan 2020 Loan Total 2021 $ 3,866.31 $ 94,625.44 $ 303,376.48 $ 39,161.44 $ 34,761.04 $ 475,790.71 2022 - 303,376.48 39,161.44 34,761.04 377,298.96 2023 - 303,376.48 38,760.59 34,761.04 376,898.11 2024 - 303,376.48 34,761.04 338,137.52 2025 - 303,376.48 303,376.48 2026 - 303,376.48 303,376.48 2027 - 120,939.82 120,939.82
Total $ 3,866.31 $ 94,625.44 $ 1,941,198.70 $ 117,083.47 $ 139,044.16 $ 2,295,818.08
Coupons Low 2.000% 2.250% 2.750% 2.500% 1.500% 2.200% High 2.000% 2.250% 2.750% 2.500% 1.500% 2.200%
Call Date N/A N/A N/A N/A N/A
Refi No No No No No
168 Joseph M. Torsella, Pennsylvania State Treasurer
The Pennsylvania Industrial Development Authority
Total Debt Service
FY 2012 Bonds 2015 Bonds Total 2021 $ 12,989,750.00 $ 11,854,674.83 $ 24,844,424.83 2022 19,393,000.00 23,780,636.03 43,173,636.03 2023 22,361,289.10 22,361,289.10 2024 11,390,440.60 11,390,440.60 2025 14,025,008.40 14,025,008.40
Total $ 32,382,750.00 $ 83,412,048.95 $ 115,794,798.95
Coupons Low 5.000% 2.967% 3.984% High 5.000% 3.556% 4.278%
Call Date N/A MWC
Refi No No
169 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix Total 31,659,500.00
3.768% 4.309%
725,323,476.01 806,253,448.20 810,762,063.25 815,801,110.00 827,259,687.35 793,297,853.15 811,085,029.45 820,172,764.50 844,911,970.10 879,695,264.25 885,162,342.40 904,247,668.98 919,849,017.25 930,672,539.10 920,431,570.40 902,647,085.50 982,749,383.70 727,115,702.05 762,309,292.90 655,087,508.50 654,230,527.35 538,005,964.60 438,447,530.55 355,234,048.60 271,220,024.40 244,059,578.75
1,058,007,802.15 1,000,317,583.45 1,009,454,352.10
22,325,471,688.98 $ $ 4.896% 5.105%
31,983,675.15 32,000,575.15 32,503,275.15 32,517,225.15 33,823,475.15 26,493,098.75 32,563,312.55 32,571,723.20 32,526,588.90 32,519,462.50 32,540,647.10 32,536,591.50 32,537,209.10 34,646,838.70 34,265,814.50 33,866,317.50 33,446,434.30 30,069,251.50 25,530,050.00 25,530,300.00 25,528,550.00 25,487,275.00 25,448,212.50 25,404,000.00 25,399,750.00 25,401,000.00 25,401,250.00 25,403,000.00 25,431,000.00
863,375,903.35 Subordinate Oil Franchise Tax
$ $ Senior 4.141% 4.183%
40,258,739.10 40,278,339.10 41,125,689.10 41,143,039.10 40,338,389.10 41,237,389.10 41,251,193.10 41,265,390.30 41,278,065.50 41,286,794.70 41,294,662.70 41,294,377.10 41,293,556.30 43,899,657.90 43,409,090.70 42,897,090.30 42,371,609.90 30,980,017.90 18,278,987.50 17,938,987.50 40,398,987.50 40,396,150.00 40,395,087.50 40,396,600.00 40,396,225.00 20,724,500.00 20,722,000.00 20,727,000.00 20,727,000.00
1,058,004,616.00 Oil Franchise Tax $ $
Total Debt ServiceDebt Total
4,935,000.00 2.799% 3.527% 47,193,992.70 47,348,768.20 50,696,255.00 50,685,935.75 51,574,941.25 55,109,148.05 65,865,346.85 67,206,347.85 68,866,801.90 60,698,923.85 73,218,733.70 75,616,700.60 72,892,440.75 75,227,498.65 77,462,797.30 83,559,635.30 87,984,793.30 91,020,919.50 76,439,865.00 52,392,038.00 53,400,997.35 52,504,233.35 38,365,460.95 24,315,353.80
Subordinate 1,504,582,928.95
Pennsylania Turnpike Commission Turnpike Pennsylania $ $
Motor License Fund Motor 9,620,000.00 2.847% 3.884% Mainline 76,425,268.75 73,315,600.00
281,876,401.80 297,747,262.80 340,744,325.15 342,408,615.35 347,268,700.90 352,660,003.30 373,713,484.55 378,255,060.75 388,366,582.25 385,422,980.95 390,583,635.75 394,365,504.10 398,499,825.10 406,384,032.28 414,498,921.35 418,377,459.80 406,638,756.85 410,937,374.15 405,948,554.80 339,007,059.40 279,064,203.50 335,595,202.80 239,513,042.60 238,528,628.60 184,395,093.75 168,086,856.25 114,915,281.25 Subordinate 9,193,163,718.88
$
$
Senior 4.156% 4.848% Mainline 22,039,500.00
324,010,667.26 640,632,856.90 341,183,903.80 533,562,768.10 337,756,556.85 340,301,470.80 313,866,350.30 273,999,331.05 280,046,990.90 300,244,602.50 307,274,290.85 335,882,090.95 339,939,311.15 344,089,641.45 350,212,393.40 351,972,036.20 349,989,976.05 339,639,522.45 483,256,894.80 547,880,998.80 328,722,963.70 308,326,431.75 311,365,704.95 325,585,944.95 282,879,895.85 224,235,174.30 194,195,517.35 148,664,755.65 124,585,978.75 9,706,344,521.81
$
$
FY Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Total Coupons
170 Joseph M. Torsella, Pennsylvania State Treasurer Total 22,039,500.00 4.156% 4.848%
337,756,556.85 307,274,290.85 533,562,768.10 300,244,602.50 280,046,990.90 341,183,903.80 273,999,331.05 313,866,350.30 350,212,393.40 351,972,036.20 349,989,976.05 339,639,522.45 640,632,856.90 344,089,641.45 483,256,894.80 340,301,470.80 339,939,311.15 148,664,755.65 124,585,978.75 324,010,667.26 194,195,517.35 335,882,090.95 547,880,998.80 224,235,174.30 328,722,963.70 282,879,895.85 308,326,431.75 311,365,704.95 325,585,944.95
9,706,344,521.81 $
$
No
1,886,315.20 1,886,315.20 1,886,315.20 1,886,315.20 1,886,315.20 1,886,315.20 1,886,315.20 1,886,315.20 1,886,315.20 1,886,315.20 2,946,315.20 2,945,105.60 1,886,315.20 1,886,315.20 1,886,315.20 1,886,315.20 1,886,315.20 3.416% 1,886,315.20 2,228,732.80 3.416%
17,297,700.40 94,129,777.20 19,021,451.60 19,509,428.40 12/1/2029 2020A Bonds2020A
$
$
No
9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 9,032,800.00 3,964,395.56 4.000% 9,032,800.00 4.000% 9/18/2020
2020 VRDB
401,407,595.56 234,852,800.00 $
$
No
6,686,249.15 6,683,958.15 6,683,740.40 6,685,419.80 6,685,733.20 6,685,613.60 6,684,923.35 6,686,942.60 6,686,313.70 6,682,463.10 6,685,778.45 1.808% 6,284,178.50 3.437% 6,685,808.25 14,334,969.40 24,640,260.70 13,883,678.50 13,882,675.60 13,876,494.85 14,398,808.75 29,882,248.50 13,563,944.60 13,564,671.65 33,092,338.10 20,475,354.15 12/1/2029
292,102,567.05 2020 Bonds
$
$
No N/A 5.000% 5.000% 35,421,750.00 35,421,750.00 35,996,250.00 35,139,250.00 35,390,250.00 35,220,750.00
212,590,000.00 2019 (FWD) Bonds2019 (FWD) $
$ No 2.000% 5.000%
22,034,400.00 22,039,250.00 22,043,850.00 22,042,150.00 22,041,050.00 22,041,450.00 22,039,900.00 22,043,000.00 22,044,000.00 22,039,000.00 22,039,000.00 22,042,500.00 22,043,200.00 22,039,750.00 22,039,500.00 22,043,650.00 22,042,750.00 22,043,200.00 22,041,000.00 22,039,000.00 22,039,250.00 22,040,000.00 22,042,750.00 22,043,900.00 22,044,000.00 22,043,500.00 22,041,250.00 22,043,000.00 22,042,000.00 22,043,750.00 12/1/2029
661,245,000.00 2019A Bonds2019A
$ $ No
5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 5,592,600.00 4.000% 5,592,600.00 5,592,600.00 4.000% 9/18/2020
2019 VRDB 145,407,600.00 246,074,400.00 $
$
No
4,218,250.00 4,218,250.00 4,218,250.00 4,218,250.00 4,218,250.00 4,218,250.00 8,190,000.00 4,218,250.00 4,218,250.00 4,218,250.00 5.000% 5.000%
29,466,250.00 27,658,250.00 14,082,000.00 15,390,250.00
12/1/2028 132,751,000.00 2019 Bonds
$
$ No
3,346,400.00 6,496,400.00 4.500% 4.700%
74,546,400.00 76,496,400.00
12/1/2022 12/1/2020 160,885,600.00 2018B Bonds
$
$ No 5.000% 5.000% 12/1/2028
19,144,500.00 17,032,250.00 23,606,500.00 20,165,750.00 16,620,500.00 26,785,250.00 24,123,750.00 16,221,750.00 22,832,000.00 20,650,750.00 21,179,750.00 21,715,750.00 22,271,000.00 17,878,000.00 20,136,750.00 19,635,500.00 26,552,500.00 27,189,750.00 15,396,750.00 17,450,250.00 21,950,750.00 22,486,500.00 25,928,250.00 15,396,750.00 23,024,000.00 25,322,000.00 24,728,250.00 23,580,250.00 24,146,250.00
623,152,000.00 2018A-2 Bonds2018A-2 $
$
No 5,416,270.00 7,175,423.00 4.430% 4.600%
46,885,423.00
6/23/2020 123,161,270.00 182,638,386.00 2018A-1 Bonds2018A-1
$
$ No 5.000% 5.000%
6,653,000.00 6,653,000.00 6,653,000.00 6,653,000.00 12/1/2027 29,948,000.00 11,093,250.00 12,519,250.00 10,255,250.00 23,585,250.00 33,990,750.00 33,638,250.00
181,642,000.00 2017A-2 Bonds2017A-2
$
$ No 5.000% 5.000%
12/1/2027 23,779,500.00 23,870,750.00 23,792,250.00 23,807,000.00 23,883,250.00 23,819,750.00 23,831,500.00 23,894,250.00 23,666,750.00 23,736,250.00 23,719,250.00 23,703,000.00 23,686,000.00 23,843,250.00 23,750,250.00 23,762,500.00 23,483,250.00 23,909,750.00 23,856,000.00 23,648,750.00 23,630,250.00 23,509,500.00 23,920,250.00 23,609,500.00 23,531,000.00 23,550,000.00 23,589,750.00 23,574,000.00
664,357,500.00 2017A-1 Bonds2017A-1 $
$
Total Debt Service No 3.000% 5.000%
6/1/2026 30,744,250.00 25,495,250.00 29,938,750.00 29,153,000.00 24,820,500.00 28,385,750.00 27,635,500.00 24,158,000.00 36,983,750.00 33,288,000.00 34,180,000.00 35,089,250.00 36,025,750.00 26,905,750.00 32,418,250.00 31,570,500.00 22,878,700.00 23,513,100.00 26,194,750.00 37,967,500.00 38,975,750.00 44,945,250.00 40,007,000.00 43,835,750.00 43,143,750.00 41,064,500.00 42,151,000.00
891,469,300.00 2016A-1 Bonds2016A-1 Pennsylania Turnpike Commission $
$
No 2.500% 5.000%
21,480,200.00 17,903,700.00 20,931,450.00 20,398,200.00 17,441,200.00 19,878,200.00 19,368,950.00 16,987,700.00 25,916,500.00 23,189,950.00 23,912,550.00 24,656,750.00 25,278,000.00 18,867,700.00 22,607,450.00 22,036,450.00 16,542,450.00 16,107,200.00 18,381,950.00 26,573,000.00 27,243,000.00 27,927,000.00 11,723,250.00 30,079,000.00 28,625,250.00 29,342,750.00 12/1/2025
573,399,800.00 2015B Bonds $
$
No
1,225,000.00 4.900% 4.900%
6/1/2021 27,450,000.00 26,225,000.00 2015A-2 Ref Bonds Ref 2015A-2 $
$ No 4.000% 5.000%
6/1/2025 3,538,250.00 3,538,250.00
20,224,100.00 43,350,350.00 19,512,350.00 18,818,100.00 42,830,600.00 18,155,350.00 17,512,350.00 40,568,600.00 25,549,500.00 22,258,850.00 23,038,450.00 23,851,250.00 24,688,250.00 44,439,100.00 21,496,100.00 20,949,850.00 19,979,600.00 19,474,100.00 43,886,600.00 26,444,750.00 27,368,000.00 18,889,500.00 31,391,500.00 27,273,250.00
649,026,950.00 2015A-1 Bonds2015A-1
$ $
No 2.250% 5.000% 2,751,000.00 12/1/2024
23,243,500.00 14,271,050.00 23,170,500.00 22,453,500.00 13,962,300.00 21,719,500.00 13,599,500.00 14,469,562.50 26,121,250.00 25,339,500.00 23,526,250.00 24,361,250.00 25,229,750.00 19,920,500.00 24,554,750.00 23,796,750.00 16,990,562.50 13,941,600.00 27,045,500.00 28,016,500.00 16,459,312.50 28,997,250.00 30,017,250.00 31,069,250.00
2014C Bonds2014C 535,027,637.50 $
$
No 4.980% 4.980%
7,470,000.00 6/1/2021
164,940,000.00 157,470,000.00 2014B-1 Bonds
$ $ No 5.000% 5.000% 12/1/2024
67,576,000.00 11,981,000.00 11,981,000.00 11,981,000.00 11,981,000.00 11,981,000.00 11,981,000.00 11,981,000.00 67,578,000.00 11,981,000.00 67,572,500.00 11,981,000.00 67,576,250.00 11,981,000.00 11,981,000.00
402,093,750.00 2014 Ref Bonds2014 Ref
$ $ No 4.000% 5.000%
17,095,250.00 13,644,800.00 16,584,050.00 16,086,550.00 13,210,300.00 15,603,050.00 21,096,250.00 10,873,050.00 12,791,550.00 19,285,250.00 19,873,250.00 20,474,750.00 18,714,250.00 14,548,050.00 18,158,500.00 57,352,300.00 17,621,250.00 21,728,750.00 22,398,500.00 11,988,050.00 14,093,050.00 23,070,250.00 23,760,250.00 24,473,750.00 25,210,500.00 12/1/2024
489,735,550.00 2014A Bonds2014A $
$
No 1,829,500.00 5,184,400.00 1,829,500.00 1,829,500.00 4,849,900.00 1,829,500.00 1,829,500.00 4,523,400.00 1,829,500.00 1,829,500.00 1,829,500.00 4,232,650.00 1,829,500.00 3,922,650.00 1,829,500.00
5.000% 5.500% 13,014,500.00 13,445,250.00 13,891,500.00 81,359,250.00 12/1/2023 2013C Bonds2013C $
$
No 145,700.00 214,825.00 145,700.00 145,700.00 214,825.00 448,825.00 453,325.00 457,050.00 443,550.00 214,825.00 437,500.00 701,825.00 214,825.00
5,454,325.00 2,189,825.00 5,451,825.00 3.500% 5,227,325.00 1,850,700.00 5.000%
24,412,475.00 12/1/2022 2012A Bonds2012A
$
$
No
1,716,050.00 4.000% 5.000%
19,282,800.00 19,281,050.00 58,717,200.00 18,437,300.00 12/1/2021 2011A Bonds2011A
$
$ No N/A 5.511% 5.561%
33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 33,199,067.50 75,357,228.75 33,199,067.50 76,588,005.65 33,199,067.50 83,979,067.50 77,769,767.35 33,199,067.50 83,035,581.70 78,892,424.30 82,054,866.85 81,038,340.80 79,982,145.85 2010B Bonds
1,382,678,778.75
$ $ No N/A 6.105% 6.105%
16,788,750.00 16,788,750.00 16,788,750.00 16,788,750.00 16,788,750.00 16,788,750.00 16,788,750.00 16,788,750.00 84,033,750.00 76,148,442.75 60,948,904.50 59,775,757.50 16,788,750.00 16,788,750.00 40,319,900.00 16,788,750.00 16,788,750.00 16,788,750.00 16,788,750.00 16,788,750.00
573,058,004.75 2009A Bonds2009A $
$ FY Low Refi High 2026 2032 2025 2031 2030 2024 2029 2028 2036 2037 2038 2039 2023 2035 2040 2027 2034 2049 2050 Total 2022 2048 2033 2041 2047 2042 2046 2021 2043 2044 2045 Call Date Coupons
171 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix Total 9,620,000.00 2.847% 3.884% 73,315,600.00 76,425,268.75 378,255,060.75 398,499,825.10 373,713,484.55 114,915,281.25 168,086,856.25 394,365,504.10 352,660,003.30 184,395,093.75 390,583,635.75 238,528,628.60 239,513,042.60 335,595,202.80 347,268,700.90 385,422,980.95 410,937,374.15 279,064,203.50 406,638,756.85 388,366,582.25 339,007,059.40 405,948,554.80 418,377,459.80 342,408,615.35 414,498,921.35 406,384,032.28 281,876,401.80 297,747,262.80 340,744,325.15
9,193,163,718.88 $
$ No 1.812% 3.452%
6,856,670.90 7,733,616.00 3,983,520.70 7,326,678.00 3,974,606.45 3,768,254.00 6,417,570.00 7,251,252.80 7,345,780.00 3,905,210.50 7,304,714.40 4,199,078.45 7,779,068.00 7,886,608.00 4,191,747.30 4,200,721.35
12/1/2029 12,600,453.60 24,219,586.20 12,196,016.00 11,687,224.35 12,221,104.40 12,256,136.80 11,973,316.00 15,936,378.70
207,215,312.90 2020-1 Bonds
$
$ No 2.164% 3.779%
3,303,571.10 5,320,027.85 3,294,195.10 5,358,126.10 7,319,486.50 3,301,744.25 5,614,443.90 3,465,363.00 3,299,473.45 2,099,940.10 7,325,895.60 3,306,840.50 6,973,690.40 7,147,868.80 3,460,441.95 3,254,003.55 3,459,567.35 3,465,379.25
12/1/2029 11,630,511.80 12,160,736.60 12,352,647.60 11,684,447.10 11,883,127.40
140,481,529.25 2019-1 Bonds
$
$
No 4.000% 5.000% 9,620,000.00
12/1/2029 39,025,700.00 45,369,700.00 73,315,600.00 37,812,950.00 71,176,000.00 69,095,800.00 44,005,950.00 67,074,200.00 36,633,200.00 65,110,200.00 42,678,950.00 63,196,200.00 61,340,200.00 59,539,450.00 35,486,200.00 41,389,950.00 52,801,200.00 57,785,200.00 51,229,950.00 40,171,450.00 54,418,700.00 56,078,200.00 49,703,700.00 48,220,700.00 46,778,700.00 33,526,200.00 33,526,200.00 33,526,200.00 33,526,200.00 2019A Bonds 2019A ###############
$ No 4.000% 5.000% 6,879,200.00 6,879,200.00 3,743,200.00 3,743,200.00 3,743,200.00 6,879,200.00 6,879,200.00 6,879,200.00 6,879,200.00
12/1/2027 17,880,200.00 12,605,200.00 10,559,200.00 20,665,950.00 13,419,200.00 13,643,950.00 20,935,400.00 16,821,000.00 16,063,200.00 13,875,950.00 22,183,000.00 16,761,000.00
247,918,050.00 2017-3 Bonds $
$
No 5.000% 5.000%
7,521,250.00 7,521,250.00 7,521,250.00 7,521,250.00 7,521,250.00 7,521,250.00 7,521,250.00 7,521,250.00 12/1/2027 12,227,500.00 18,706,000.00 19,654,500.00 19,421,000.00 28,413,000.00 28,411,500.00 12,126,250.00 38,031,750.00 12,228,000.00 12,226,250.00
261,615,750.00 2017-2 Bonds
$
$
No 5.000% 5.000% 6,601,750.00 6/1/2027
32,181,750.00 48,036,000.00 28,107,500.00 37,799,750.00 26,129,625.00 21,954,500.00 18,669,250.00 20,724,500.00 47,912,500.00 49,592,500.00 47,563,625.00 46,617,000.00 24,047,250.00 49,913,375.00 48,033,250.00 20,486,250.00 18,539,750.00 18,759,125.00 18,757,625.00
630,426,875.00 2017B-2 Bonds
$
$ No 5.000% 5.250% 5,249,268.75 6/1/2027 22,981,675.00 26,657,550.00 22,269,675.00 40,471,881.25 25,860,175.00 39,295,881.25 21,574,175.00 38,149,493.75 25,087,675.00 37,037,562.50 35,960,800.00 34,907,550.00 20,903,300.00 24,467,300.00 30,990,300.00 33,889,050.00 30,072,175.00 23,712,050.00 20,250,050.00 31,928,925.00 32,892,300.00 29,185,175.00 28,319,675.00 27,475,550.00 19,314,925.00 19,314,925.00 19,617,175.00
767,836,237.50 2017B-1 Bonds $
$ No 4.000% 5.500% 3,977,350.00
12/1/2026 18,083,500.00 20,951,500.00 17,523,000.00 20,328,000.00 30,839,275.00 16,983,750.00 29,946,400.00 19,770,250.00 29,076,700.00 28,232,875.00 27,406,800.00 16,452,750.00 19,252,250.00 24,343,050.00 26,610,625.00 23,624,450.00 18,662,500.00 15,942,500.00 25,077,450.00 25,830,400.00 22,929,450.00 22,255,650.00 21,595,250.00 14,517,250.00 14,962,250.00 15,445,000.00
2017A Bonds 2017A 570,620,225.00
$
$ No N/A 2.024% 2.928%
9,865,138.30
10,519,241.60 10,520,344.80 75,943,936.10 10,514,251.20 17,730,991.90 16,793,968.30 2016B-3 Bonds
$
$ No 4.000% 5.000% 6/1/2026 66,149,325.00 30,364,575.00 24,166,450.00 45,956,700.00 14,318,950.00 62,079,450.00 83,880,575.00 30,499,375.00 53,241,625.00 67,737,325.00 62,065,075.00 30,400,250.00 15,103,375.00 59,831,500.00 60,156,875.00 54,452,100.00 32,193,200.00 43,824,950.00 52,993,075.00
100,685,700.00 990,100,450.00 2016B-2 Bonds $
$
No 3.375% 3.375% 8,308,000.00 2,677,500.00 2,677,500.00 2,677,500.00 2,677,500.00 8,308,000.00
12/1/2026 33,015,000.00 16,667,750.00 19,039,000.00 11,712,750.00 41,757,500.00 77,427,500.00 11,712,750.00 10,387,500.00 44,084,250.00 10,387,500.00 11,712,750.00 44,029,500.00 43,978,000.00 11,712,750.00 11,712,750.00 11,712,750.00
438,376,000.00 2016A-3 Bonds
$
$
No 0.000% 5.000%
4,374,250.00 4,374,250.00 4,374,250.00 4,374,250.00 6/1/2026
11,716,000.00 15,748,375.00 15,736,000.00 44,004,250.00 10,562,375.00 34,209,250.00 11,452,375.00 15,744,000.00 22,805,500.00 32,879,250.00
232,354,375.00 2016A-2 Bonds
$
$
No 3.000% 5.000% 1,370,250.00
12,809,612.50 12,412,612.50 14,724,862.50 12,035,250.00 14,286,362.50 12,030,612.50 21,021,000.00 13,911,362.50 20,416,750.00 19,821,500.00 19,249,750.00 11,660,362.50 17,100,750.00 13,630,862.50 18,685,000.00 16,595,250.00 17,612,000.00 18,141,250.00 16,108,750.00 15,634,000.00 15,170,075.00 13,214,612.50 11,303,612.50 10,284,012.50 10,612,612.50 10,951,012.50 12/1/2025
390,794,087.50 2016A-1 Bonds
$
$
No 3.125% 5.000%
27,404,343.75 36,242,593.75 12,859,718.75 12,970,343.75 24,824,468.75 28,048,718.75 22,811,218.75 12,735,250.00 28,065,593.75 12,767,625.00 12,704,875.00 12,793,250.00 12,818,250.00 12,833,484.38 14,716,593.75 22,743,218.75 13,495,718.75 17,853,968.75 54,836,468.75 12/1/2025
393,525,703.13 2016A Bonds 2016A
$
$
No 4.000% 5.000% 6,267,250.00 6,267,250.00 6,267,250.00 6,267,250.00 6,267,250.00 8,309,500.00 9,670,750.00 6,267,250.00 12/1/2025 6,267,250.00 7,955,250.00 6,954,450.00 7,278,250.00 7,611,000.00
12,807,250.00 13,592,250.00 13,704,000.00 13,312,500.00 12,925,250.00 12,550,000.00 14,368,250.00 10,390,750.00 13,523,000.00 13,940,000.00 11,852,250.00 12,630,000.00 13,245,250.00 2015B Bonds #############
$
No
5,250,000.00 3.000% 5.250% 9,797,300.00 14,678,900.00 10,651,550.00 11,564,381.25 11,939,156.25 10,583,550.00 13,411,750.00 13,974,406.25 12,799,500.00 12,358,925.00 29,718,587.50 11,071,050.00 22,040,912.50 14,654,481.25 28,335,062.50 12,665,912.50 22,652,212.50 27,978,162.50 13,194,631.25 12,872,525.00 12,566,887.50 17,522,550.00 11,516,050.00 11,697,300.00 11,427,300.00 12/1/2025
386,923,043.75 Pennsylania Turnpike Commission 2015A-1 Bnods
$
$ Total Debt Service - Mainline Subordinate Bonds No 5.000% 5.250% 3,052,250.00 12/1/2024
10,445,350.00 10,445,350.00 17,275,600.00 16,764,100.00 10,445,350.00 16,266,850.00 23,922,962.50 23,229,962.50 22,564,287.50 10,445,350.00 20,046,962.50 15,886,350.00 21,910,925.00 19,459,837.50 20,644,775.00 21,264,337.50 18,892,600.00 18,340,350.00 17,798,600.00 15,425,350.00 10,445,350.00 10,445,350.00 10,445,350.00 10,445,350.00 2014B Bonds
396,308,900.00
$
$
------No N/A 0.000% 0.000% 7,410,000.00 2,865,000.00
10,275,000.00 2014A-3 Bonds
$
$
------No 0.000% 0.000% 6/1/2029
42,155,000.00 17,330,000.00 24,825,000.00 2014A-2 Bonds
$
$
No 4.125% 5.000%
4,724,168.75 4,724,168.75 4,724,168.75 8,705,418.75 8,794,668.75 4,724,168.75 8,782,668.75 1,939,500.00 5,044,418.75 6,351,000.00 8,754,168.75 5,927,000.00 1,939,500.00 1,939,500.00 5,580,250.00 8,512,168.75 8,599,418.75 5,421,918.75 7,754,668.75 8,315,668.75 4,771,918.75 12/1/2024 26,166,000.00 15,809,500.00 24,572,250.00
192,578,281.25 2014A-1 Bonds
$
$
- - No
414,137.50 143,687.50 3.500% 5.250%
6,424,137.50 5,459,837.50 5,138,637.50 3,168,687.50 4,835,237.50 4,043,312.50 1,098,312.50 1,098,312.50 1,098,312.50
12/1/2023 32,922,612.50 2013B-3 Bonds $
$
------No 0.000% 0.000% 12/1/2023 7,500,000.00 7,805,000.00 6,930,000.00 8,755,000.00 9,800,000.00 6,115,000.00 5,490,000.00 4,790,000.00
68,100,000.00 10,915,000.00
$
2013B-2 Bonds
$
- - No
550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 550,250.00 3.000% 5.000%
12/1/2023 2,584,100.00 2,823,850.00 3,109,800.00
11,555,250.00 29,977,500.00 2013B-1 Bonds
$
$
- - - - No 0.000% 0.000% 2,445,000.00 2,270,000.00 1,540,000.00 3,225,000.00 3,010,000.00 1,965,000.00 2,815,000.00 4,455,000.00 4,740,000.00 2,625,000.00 1,820,000.00 4,180,000.00 3,925,000.00 3,680,000.00 3,445,000.00 12/1/2022
46,140,000.00 2013A-2 Bonds
$
$
------No 18,125.00 18,125.00 598,125.00 3.125% 5.000%
7,742,925.00 1,760,925.00 1,673,125.00 1,892,375.00 1,782,125.00 12/1/2022 2013A-1 Bonds
$
$
- No 467,812.50 347,812.50 347,812.50 3.250% 5.000%
5,082,312.50 4,091,725.00 2,420,312.50 5,339,475.00 2,490,312.50 5,531,975.00 4,727,062.50 4,788,062.50 4,907,812.50 4,883,312.50 5,729,475.00 6,209,225.00 6,090,475.00 5,968,475.00 5,848,225.00
12/1/2022 75,271,675.00 2012B Bonds
$
$
No
3.250% 5.000% 4,149,525.00 4,022,025.00 3,892,025.00 2,034,025.00
14,097,600.00 12/1/2021 2012A Bonds 2012A $ $
No 3.500% 4.000%
4,321,137.50 4,191,737.50 4,066,312.50 3,941,600.00
12/1/2021 16,520,787.50 2011B Bonds $ $
No N/A 0.000% 0.000%
4,655,000.00 4,655,000.00 4,655,000.00 4,655,000.00 4,655,000.00 4,655,000.00
27,930,000.00 2010C-3 Bonds $
$
No 6.000% 6.375%
12/1/2027 35,711,281.25 35,884,681.25 35,394,987.50 26,683,281.25 35,420,981.25 26,717,381.25 35,512,481.25 51,666,337.50 57,469,918.75 35,601,081.25 44,288,243.75 20,732,381.25 38,274,956.25 35,344,575.00 35,371,218.75 20,732,381.25 20,732,381.25 20,732,381.25 20,732,381.25
2009E Bonds 633,003,312.50
$
$
------No 0.000% 0.000% 9/1/2026 23,540,000.00 45,650,000.00 42,880,000.00 40,285,000.00
2009C Bonds 2009C 152,355,000.00
$
$
FY Refi Low 2029 2050 2034 2049 2028 2048 2047 2033 2027 2046 2032 2045 2044 2043 2026 2031 2039 2042 2038 2030 2041 2040 2037 2025 2036 2035 2021 2022 2023 2024 High Total Coupons Call Date Call
172 Joseph M. Torsella, Pennsylvania State Treasurer - - - - -
4,935,000.00 Total 47,193,992.70 47,348,768.20 50,696,255.00 50,685,935.75 51,574,941.25 55,109,148.05 65,865,346.85 67,206,347.85 68,866,801.90 60,698,923.85 73,218,733.70 75,616,700.60 72,892,440.75 75,227,498.65 77,462,797.30 83,559,635.30 87,984,793.30 91,020,919.50 76,439,865.00 52,392,038.00 53,400,997.35 52,504,233.35 38,365,460.95 24,315,353.80 2.799% 3.527%
1,504,582,928.95 $ $ No
3,885,066.20 3,221,829.50 3,219,953.80 3,217,594.95 3,215,010.95 3,882,060.80 3,194,780.40 3,445,600.60 4,184,994.60 3,140,817.60 3,140,359.60 3,142,932.60 3,140,072.10 3,141,922.60 2,727,835.60 1,538,564.60 1,539,621.60 1.762% 3.352%
12,063,339.60 12,227,427.60 12,057,596.10 17,273,441.60 12,735,353.40 13,031,698.60 15,121,255.40 12/1/2029
147,489,130.40 2020-1 Bonds $ $ No
5,495,201.50 5,844,763.70 5,847,176.20 5,843,665.80 5,844,905.30 5,845,162.25 5,844,141.45 5,847,072.25 5,848,532.30 5,849,106.25 5,843,774.10 5,847,268.00 5,849,268.65 4,720,357.70 4,720,357.70 4,275,473.40 4,275,473.40 7,209,098.40 2.014% 3.579%
14,349,726.05 18,230,357.70 34,810,473.40 35,202,625.75 30,476,629.95 22,523,762.35 12/1/2029
256,444,373.55 2019-1 Bonds $ $ No
5,879,100.00 5,879,100.00 5,879,100.00 5,879,100.00 5,879,100.00 5,879,100.00 5,879,100.00 5,879,100.00 8,714,100.00 3,912,250.00 3,879,750.00 4.000% 5.000%
13,767,350.00 21,455,850.00 20,724,850.00 18,085,100.00 11,021,850.00 12,326,850.00 19,116,850.00 23,806,850.00 23,999,650.00 24,651,450.00 12/1/2027
252,495,550.00 2017-3 Bonds $ $ No
6,870,750.00 6,874,000.00 6,872,250.00 5.000% 5.000%
12,183,750.00 12,183,750.00 12,183,750.00 12,183,750.00 12,183,750.00 12,183,750.00 15,618,750.00 18,407,000.00 23,882,250.00 22,747,750.00 15,739,500.00 37,862,500.00 32,906,250.00 32,903,750.00 32,906,250.00 26,780,500.00 18,999,750.00 25,613,750.00 25,584,500.00 12/1/2027
423,672,000.00 2017-2 Bonds $ $
No
2,269,500.00 2,269,500.00 2,269,500.00 5,019,000.00 9,558,000.00 5,506,500.00 9,081,500.00 5.000% 5.000% 6/1/2027 13,008,750.00 10,530,000.00 59,512,250.00 2017-1 Bonds $ $
------No
3,993,250.00 3,993,250.00 6,868,250.00 6,864,500.00 6,863,750.00 6,865,500.00 2,530,750.00 6,590,750.00 1,285,750.00 5,940,750.00 5,938,000.00 5,938,750.00 5,942,250.00 5,937,750.00 5.000% 5.000%
11,604,250.00 11,602,750.00 23,167,750.00 12/1/2026 121,928,000.00 2016A-1 Bonds $ $
------No
705,000.00 830,000.00 0.000% 0.000%
1,605,000.00 2,625,000.00 2,080,000.00 3,595,000.00 5,325,000.00 7,245,000.00 1,515,000.00 1,780,000.00 2,065,000.00 2,420,000.00 2,810,000.00 1,985,000.00 4,935,000.00 12/1/2026 12,255,000.00 14,410,000.00 16,755,000.00 84,940,000.00 2014B Bonds2014B
$ $ -
No 1,256,350.00 1,256,350.00 1,256,350.00 1,256,350.00 1,256,350.00 4,666,350.00 4,905,850.00 5,154,850.00 5,415,550.00 2,429,025.00 2,707,375.00 2,959,275.00
5.000% 5.500%
34,520,025.00 12/1/2023 2013B-3 Bonds $ $
------Pennsylania Turnpike Commission No 0.000% 0.000%
1,585,000.00 1,805,000.00 2,040,000.00 2,295,000.00 2,570,000.00 2,865,000.00 3,140,000.00 3,480,000.00 3,840,000.00 Total Debt Service - Motor License Fund Bonds Fund License - Motor Service Debt Total 12/1/2035
23,620,000.00 2013B-2 Bonds $ $
------No 5.000% 5.000%
2,232,250.00 2,434,750.00 2,638,000.00 2,851,250.00 3,428,250.00 12/1/2023
13,584,500.00 2013B-1 Bonds
$ $
------
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 No
520,000.00 3.000% 4.000%
1,842,850.00 1,936,200.00 2,013,400.00 2,094,800.00 8,587,250.00 12/1/2022 2013A Bonds2013A
$ $
- No
547,975.00 393,475.00 393,475.00 314,125.00 314,125.00 314,125.00 222,250.00 222,250.00 222,250.00
1,904,975.00 2,024,475.00 2,134,975.00 2,256,475.00 3,038,475.00 1,694,125.00 1,771,000.00 1,302,250.00 5,454,450.00 3.000% 5.000%
24,525,250.00 12/1/2022 2012B Bonds2012B
$ $
569,100.00 257,500.00 No
1,389,450.00 1,516,200.00 1,648,700.00 5,380,950.00
3.000% 5.000% 12/1/2021 2012A Bonds2012A $ $
350.00
10,350.00 No
1,672,250.00 1,803,600.00 1,927,100.00 5,413,650.00 3.000% 5.000% 12/1/2021 2011B Bonds2011B
$ $ No N/A
3,190,000.00 2,985,000.00 2,810,000.00 2,650,000.00 2,510,000.00 2,365,000.00 0.000% 0.000%
16,510,000.00 2010B-3 Bonds $ $
------No N/A
7,170,000.00 6,700,000.00 6,250,000.00 5,840,000.00 0.000% 0.000%
25,960,000.00 2010A-3 Bonds $
$ FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Total Coupons Call Date
173 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix - Total 40,258,739.10 40,278,339.10 41,125,689.10 41,143,039.10 40,338,389.10 41,237,389.10 41,251,193.10 41,265,390.30 41,278,065.50 41,286,794.70 41,294,662.70 41,294,377.10 41,293,556.30 43,899,657.90 43,409,090.70 42,897,090.30 42,371,609.90 30,980,017.90 18,278,987.50 17,938,987.50 40,398,987.50 40,396,150.00 40,395,087.50 40,396,600.00 40,396,225.00 20,724,500.00 20,722,000.00 20,727,000.00 20,727,000.00
4.141% 4.183%
1,058,004,616.00 $ $ No 5.000% 5.250%
11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 11,963,987.50 40,398,987.50 40,396,150.00 40,395,087.50 40,396,600.00 40,396,225.00 20,724,500.00 20,722,000.00 20,727,000.00 20,727,000.00 12/1/2028
524,163,300.00 2018 Bonds
$ $ No
5.000% 5.000% 11,870,250.00 11,874,500.00 19,840,250.00 19,859,000.00 10,547,750.00 21,636,500.00 21,502,000.00 21,387,250.00 21,229,750.00 21,090,000.00 20,955,500.00 20,779,250.00 20,611,500.00
243,183,500.00
12/1/2026 2016A Bonds2016A $ $
No 494,750.00 494,750.00 5.000% 5.000%
7,601,000.00 7,613,750.00
10,389,750.00 26,594,000.00 12/1/2023 2013A Bonds2013A
$ $ ------
Pennsylania Turnpike Commission No N/A
3,160,000.00 6,315,000.00 5,975,000.00 0.000% 0.000%
15,450,000.00 2009C Bonds Total Debt Service - Oil Franchise Tax Senior Bonds Senior Tax Franchise Oil - Service Debt Total
$
$ No N/A
7,436,901.60 7,436,901.60 7,436,901.60 7,436,901.60 7,436,901.60 7,636,901.60 7,785,205.60 7,914,152.80 8,084,328.00 8,232,807.20 8,375,175.20 8,551,139.60 8,718,068.80 5.848% 5.848%
31,935,670.40 31,445,103.20 30,933,102.80 30,407,622.40 15,856,030.40
243,059,816.00 2009B Bonds $ $ No
1,386,600.00 1,389,200.00 1,389,800.00 1,388,400.00 5,554,000.00 4.000% 4.000% 9/18/2020 2009A-1 Bonds $ $ FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Total Coupons Call Date
174 Joseph M. Torsella, Pennsylvania State Treasurer - Total 31,983,675.15 32,000,575.15 32,503,275.15 32,517,225.15 33,823,475.15 26,493,098.75 32,563,312.55 32,571,723.20 32,526,588.90 32,519,462.50 32,540,647.10 32,536,591.50 32,537,209.10 34,646,838.70 34,265,814.50 33,866,317.50 33,446,434.30 30,069,251.50 25,530,050.00 25,530,300.00 25,528,550.00 25,487,275.00 25,448,212.50 25,404,000.00 25,399,750.00 25,401,000.00 25,401,250.00 25,403,000.00 25,431,000.00
4.896% 5.105%
863,375,903.35 $ $ No 5.000% 5.250%
10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 10,735,050.00 25,530,050.00 25,530,300.00 25,528,550.00 25,487,275.00 25,448,212.50 25,404,000.00 25,399,750.00 25,401,000.00 25,401,250.00 25,403,000.00 25,431,000.00 12/1/2028
473,195,287.50 2018B Bonds
$ $ No
6,256,250.00 6,258,250.00 3,792,500.00 3,792,500.00 9,792,500.00 9,802,500.00
5.000% 5.000% 12,971,500.00 12,985,250.00 14,597,000.00 14,596,000.00 14,586,500.00 14,587,500.00 15,057,000.00 139,075,250.00
12/1/2026 2016A Bonds2016A $ $ No 672,500.00 672,500.00 5.000% 5.000%
6,460,750.00 6,463,250.00 7,162,500.00
21,431,500.00 12/1/2023 2013B Bonds
$ $ Pennsylania Turnpike Commission No N/A
6,537,768.90 6,537,768.90 6,537,768.90 6,537,768.90 7,417,768.90 7,271,642.50 7,326,256.30 7,309,173.20 7,194,538.90 7,188,412.50 7,219,097.10 7,214,041.50 6,745,159.10 6.378% 6.378%
23,911,788.70 23,530,764.50 23,131,267.50 22,711,384.30 19,334,201.50
203,656,572.10 2009E Bonds2009E $ $ Total Debt Service - Oil Franchise Tax Subordinate Bonds Subordinate Tax Franchise Oil - Service Debt Total
411,400.00 421,200.00 832,600.00 No 4.000% 4.000% 9/18/2020 2009D-2 Bonds
$ $ No
1,582,456.25 1,585,056.25 1,586,456.25 1,586,656.25 4,715,656.25 4,693,906.25 4,709,506.25 4,725,000.00 4.000% 5.000%
25,184,693.75 9/18/2020 2009D-1 Bonds $ $ FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Total Coupons Call Date
175 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix
Reading Area Community College
Total Debt Service
FY 2016 Note 2017 Note 2017 SPSBA Total 2021 $ 126,501.00 $ 1,004,725.00 $ 105,585.78 $ 1,236,811.78 2022 126,931.00 1,003,600.00 105,585.67 1,236,116.67 2023 126,803.50 1,002,000.00 47,499.28 1,176,302.78 2024 126,630.00 1,002,925.00 - 1,129,555.00 2025 126,910.50 1,002,300.00 1,129,210.50 2026 126,633.50 1,001,150.00 1,127,783.50 2027 126,459.00 1,002,475.00 1,128,934.00 2028 126,967.50 998,200.00 1,125,167.50 2029 126,620.00 1,002,450.00 1,129,070.00 2030 126,615.00 126,615.00 2031 126,930.00 126,930.00 2032 126,542.50 126,542.50 2033 126,975.00 126,975.00 2034 126,682.50 126,682.50 2035 126,687.50 126,687.50 2036 126,967.50 126,967.50
Total $ 2,027,856.00 $ 9,019,825.00 $ 258,670.74 $ 11,306,351.74
176 Joseph M. Torsella, Pennsylvania State Treasurer Total 5,704,988.25
4.639% 5.426%
25,505,700.75 53,811,135.75 53,837,500.15 53,845,311.30 53,921,204.75 53,934,192.40 53,893,537.50 53,977,725.70 51,748,969.70 51,773,608.70 53,520,099.15 48,874,864.50 36,012,866.75 36,101,497.50 36,387,218.25 35,856,754.25 24,062,300.25 16,461,482.50 13,160,674.75
812,391,632.85 $ $ No 4.000% 5.000%
3,339,700.00 3,333,100.00 3,339,500.00 3,338,000.00 3,342,750.00 3,343,250.00 3,339,500.00 3,341,500.00 3,338,750.00 3,341,250.00 3,338,500.00 3,335,500.00 3,342,000.00 3,337,250.00 3,341,500.00 3,334,000.00 3,335,000.00 3,333,750.00
6/15/2027 60,094,800.00 2017 Parking $ $ No 2,082,309.00 2,083,272.75 2,083,855.90 2,081,099.30 2,083,108.25 2,080,060.65 2,081,736.50 2,083,343.70 2,083,601.20 2,081,092.95 2,079,967.90 2.839% 4.521%
22,903,448.10 2014 Bonds 12/15/2024 $ $ -
No 1,917,225.00 1,915,825.00 1,919,325.00 1,917,725.00 8,142,400.00 8,134,500.00 3.750% 5.000% 10,359,425.00 10,343,675.00 10,395,612.50 55,045,712.50
8/1/2022 2012 Excise Tax $ $ -
No 3,175,875.00 3,172,625.00 3,174,250.00 3,175,625.00 3,171,875.00 4.400% 5.000% 11,649,250.00 11,646,625.00 11,635,500.00 11,625,125.00 11,518,250.00 11,983,000.00 12,149,500.00 12,195,250.00 12,427,000.00 11,849,000.00
8/1/2020
134,548,750.00 2010 Excise Tax $ $
- No Total Debt Service Debt Total 3.875% 5.000% 13,192,337.50 13,182,837.50 13,172,837.50 13,213,368.75 13,201,950.00 13,144,875.00 13,132,625.00 13,119,750.00 13,109,875.00 13,091,750.00 13,079,000.00
8/1/2020 144,641,206.25 2010 Sales Tax $ $ No 1,354,696.50 1,359,220.00 1,355,976.00 1,356,540.00 1,360,614.00 1,362,900.00 1,363,398.00 1,367,488.00 1,363,842.00 1,367,802.00 1,368,684.00 1,371,488.00 1,374,392.00 1,373,424.00 1,378,584.00 1,379,168.00 1,380,176.00 1,386,256.00 1,386,704.00 1,391,520.00 MWC
5.610% 7.040% 27,402,872.50 Sports Exhibition & Authority Pittsburghof and AlleghenyCounty 2010 Bonds $ $ No
4,137,047.25 4,141,023.50 4,150,731.75 4,155,638.50 4,160,743.75 4,170,780.75 4,175,216.00 4,179,049.50 4,192,014.50 4,198,310.75 4,207,938.25 4,215,363.50 4,225,319.75 4,237,273.50 4,245,691.25 4,260,306.25 4,270,318.25 4,285,460.50 4,294,932.75 4,313,468.25 5.335% 5.335% Anytime 84,216,628.50 2007B Bonds $ $ No
7,456,016.00 7,479,038.00 4.020% 4.020% Anytime
14,591,948.00 14,612,131.00 14,635,053.00 14,660,111.00 14,686,702.00 14,709,223.00 14,737,272.00 14,765,045.00 14,791,939.00 14,822,351.00 14,855,477.00 14,890,513.00 14,921,655.00 14,958,300.00 14,994,443.00 15,034,280.00 15,076,806.00 266,678,303.00 2007A Bonds $
$
- No 7.920% 7.920% 1,523,576.00 1,527,096.00 1,526,260.00 1,531,068.00 1,530,728.00 1,535,240.00 1,538,812.00 1,541,048.00 1,546,552.00 3,059,532.00 9/1/2000
16,859,912.00 2000 Surcharge
$ $ FY Refi Low High 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Total Coupons Call Date Call
177 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix
State Ethics Commission
Total Debt Service
FY Lease 91300 Total 2021 $ 31,721.28 $ 31,721.28 2022 31,721.28 31,721.28 2023 31,721.28 31,721.28 2024 31,721.28 31,721.28 2025 5,286.88 5,286.88
Total $ 132,172.00 $ 132,172.00
Call Date N/A
Refi No
178 Joseph M. Torsella, Pennsylvania State Treasurer
Thaddeus Stevens College of Technology
Total Debt Service
FY Lease 91300 Total 2021 $ 159,289.00 $ 159,289.00 2022 177,048.00 177,048.00 2023 183,577.00 183,577.00 2024 190,722.00 190,722.00 2025 1,956,246.00 1,956,246.00
Total $ 2,666,882.00 $ 2,666,882.00
Call Date N/A
Refi No
179 The Pennsylvania Treasury, Act 37 COVID-19 Debt Cost Reduction Review: Appendix Total 2.140% 3.700% 5,790,465.00 5,791,665.00 5,790,582.50 5,189,129.38 5,180,488.75 5,178,173.13 5,179,486.88 5,183,156.25 4,666,968.13 4,671,420.00 3,954,931.25 3,957,693.75 2,809,750.00 2,807,725.00 2,808,375.00 2,811,550.00
71,771,560.00 $ $ No N/A 716,950.00 721,300.00 719,800.00 722,100.00 718,500.00 719,000.00 718,500.00 721,900.00 721,300.00 722,150.00
2.000% 4.000% 7,201,500.00
2020 Bonds $ $ No
513,256.25 515,281.25 511,931.25 518,131.25 511,331.25 511,731.25 511,621.88 510,681.25
2.000% 3.000% 4,103,965.63
10/15/2025 2016B Bonds $
$ Yes Total Debt Service 2.000% 5.000%
2,809,418.75 2,808,293.75 2,809,793.75 2,806,793.75 2,809,043.75 2,808,168.75 2,809,893.75 2,808,012.50 2,807,353.13 2,807,675.00 2,807,400.00 2,811,600.00 2,809,750.00 2,807,725.00 2,808,375.00 2,811,550.00 44,940,846.88
10/15/2025 2016A Bonds $
$ Westmoreland County Community College No N/A
608,277.50 604,040.00 608,250.00
2.350% 2.750%
1,820,567.50 2012B Bonds $ $
Yes 2.350% 3.750%
1,142,562.50 1,142,750.00 1,140,807.50 1,142,104.38 1,141,613.75 1,139,273.13 1,139,471.25 1,142,562.50 1,138,315.00 1,141,595.00 1,147,531.25 1,146,093.75
10/15/2022 13,704,680.00 2012A Bonds $ $
FY Refi Low High 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total Coupons Call Date
180