Bond Issues
General Obligation Bonds usually are sold once per year, in the fall. The State typically offers approximately one-third of the bonds on a negotiated basis as "Vermont Citizen Bonds" with priority given to Vermont retail investors, with the remaining two-thirds of the bonds sold on a competitive basis to institutional buyers. If interest rates are favorable, the State may also offer an additional amount of "refunding" bonds to refinance existing bonds.
Historical Bond Issues
Date and Description
06/20/24 Bond Issue - The State sold $70,790,000 of General Obligation Bonds, 2024 Series A and $36,860,000 of General Obligation Refund Bonds, 2024 Series B through a competitive sale. The average life of the Series A bonds was 10.2 years and had a true interest cost of 3.50%. The Series B refunding bonds had an average life of 5.1 years with a true interest cost of 2.97% and realized refunding savings of $3.7 million.
09/07/23 Bond Issue - The State sold $62,765,000 of General Obligation Bonds, 2023 Series A through a competitive sale, and $27,285,000 of General Obligation Refund Bonds, 2023 Series B (Vermont Citizen Bonds) through a negotiated sale. The average life of the Series A bonds was 10.4 years and had a true interest cost of 3.67%. The Series B refunding bonds had an average life of 5.7 years with a true interest cost of 3.18% and realized refunding savings of $1.29 million.
05/18/21 Bond Issue - The State sold $82,185,000 of General Obligation Bonds, 2021 Series A and $31,560,000 of General Obligation Refunding Bonds, 2021 Series B through a competitive sale, and $39,580,000 of General Obligation Refunding Bonds, 2021 Series C (Vermont Citizen Bonds) through a negotiated sale. The average life of the Series A bonds was 10.2 years and had a true interest cost of 1.43%. The Series B and C refunding bonds had average lives of 4.8 and 4.0 years with true interest costs of 0.63% and 0.66%, and realized refunding savings of $7.62 million.
08/15/19 Bond Issue - The State sold $88,255,000 of General Obligation Bonds, 2019 Series A through a competitive sale and $39,525,000 of General Obligation Refunding Bonds, 2019 Series B (Vermont Citizen Bonds) through a negotiated sale. The average life of the bond issues was 8.3 years and the State received an overall borrowing cost of 2.10 percent and realized refunding savings of $3.75 million.
09/13/17 Bond Issue - The State sold $34,700,000 of General Obligation Bonds, 2017 Series A (Citizen Bonds) through a negotiated sale and $71,395,000 of General Obligation Bonds, 2017 Series B through a competitive sale. The average life of the bond issues was 10.4 years and the State received an overall borrowing cost of 2.48 percent.
10/22/15 Bond Issue - The State sold $28,515,000 of General Obligation Bonds, 2015 Series A (Vermont Citizen Bonds)(Green Bonds) through a negotiated sale and $61,345,000 of General Obligation Bonds, 2015 Series B, and $25,720,000 of General Obligation Refunding Bonds, 2015 Series C through competitive sales. The average life of the bond issues was 9.8 years and the State received an overall borrowing cost of 2.46 percent and realized refunding savings of $2.46 million.
12/09/14 Bond Issue - The State sold $20,310,000 of General Obligation Bonds, 2014 Series A (Vermont Citizen Bonds) through a negotiated sale and $53,245,000 of General Obligations Bonds, 2014 Series B, and $36,205,000 of General Obligation Refunding Bonds, 2014 Series C, through two competitive sales. The average life of the bond issues was 9.1 years and the State received an overall borrowing cost of 2.69 percent and realized refunding savings of $3.48 million.
11/6/13 Bond Issue - The State sold $25,000,000 of General Obligation Bonds, 2013 Series A (Vermont Citizen Bonds) through a negotiated sale and $42,810,000 of General Obligation Bonds, 2013 Series B and $18,935,000, 2013 Series C through a competitive sale. The State received an overall borrowing cost of 3.02 percent.
7/30/13 Bond Issue - The State sold $11,165,000 of Special Obligation Transportation Infrastructure Bonds 2013 Series A, via internet-based competitive sale. The bonds have a true interest cost of 3.68 percent.
10/11/12 Bond Issue - The State sold $26,765,000 of General Obligation Bonds, 2012 Series E (Vermont Citizen Bonds) through a negotiated sale and $66,420,000 of General Obligation Bonds, 2012 Series F through a competitive sale. The State averaged a true interest cost of 2.23 percent. The average maturity for the bonds was 10.3 years.
08/09/12 Bond Issue - The State sold $10,820,000 of Special Obligation Transportation Infrastructure Bonds, 2012 Series A, via internet-based competitive sale. The bonds have a true interest cost of 2.45% and an average life of 11.1 years.
03/06/12 Bond Issue - The State sold $132,060,000 of General Obligation Bonds, $25 million of 2012 Series A (Vermont Citizen Bonds), $28 million of 2012 Series B new money bonds, $10 million of 2012 Series C taxable new money bonds, and $69,060,000 of Series D refinancing bonds. The overall time interest cost of the bonds was 2.11 percent, the average life was 8.3 years, and the refunding savings were $5.4 million.
11/17/10 Bond Issue - The State sold $25 million of General Obligation Bonds, 2010 Series E (Vermont Citizen Bonds) through a negotiated offering with BofA Merrill Lynch. The State received a true interest cost of 2.23% and the bonds' average life was 5.2 years.
07/20/10 Bond Issue - The State sold its first issue of $14,400,000 of Special Obligation Transportation Infrastructure Bonds, 2010 Series A, via internet-based competitive sale. The bonds have a true interest cost of 3.20% and an average life of 11.3 years.
10/14/10 Bond Issue - The State offered $50 million in General Obligation Bonds via an internet-based competitive sale, State of Vermont General Obligation Bonds, 2010 Series D-1 and 2010 Series D-2 (Federally Taxable - Build America Bonds - Direct Payment). The State locked in a total interest cost of 2.58 percent over the 20-year life of the bonds.
02/25/10 Bond Issue - The State offered its $20,000,000 General Obligation Bonds, 2010 Series B (Vermont Citizen Bonds), $29,155,000 General Obligation Refunding Bonds, 2010 Series C-1 and $9,675,000 General Obligation Refunding Bonds, 2010 Series C-2 through a negotiated offering senior managed by Citi. The bonds have an average life of 6.8 years and true interest cost of 2.47%.
01/27/10 Bond Issue - The State offered its $52,000,000 General Obligation Bonds, 2010 Series A, through a competitive offering managed by Government Finance Associates. The bonds were awarded as $11,200,000 of tax-exempt 2010 Series A-1, and $40,800,000 of federally taxable Build America Bonds, 2010 Series A-2. The bonds have an overall average life of 11.96 years and true interest cost of 2.96%.
03/03/09 Bond Issue - The State offered its $50,500,000 General Obligation Bonds, 2009 Series A, through a negotiated offering senior managed by Citigroup. The bonds have an average life of 10.5 years and true interest cost of 3.82%.
12/12/07 Bond Issue - The State offered its $29,195,000 General Obligation Refunding Bonds, 2007 Series F underwritten by UBS Investment Bank in a negotiated sale. These bonds were issued to take advantage of current low interest rates to retire higher cost outstanding debt. Gross savings to the State are over $1.6 million through fiscal 2017. Present value savings are nearly $1.1 million.
12/12/07 Bond Issue - The State offered it $11,000,000 General Obligation Bonds, Series E (Vermont Citizens Bonds) through a negotiated offering managed by Citigroup. The Bonds have an average life of 5.1 years and true interest cost of 3.49%.
11/14/07 Bond Issue - The State offered its $35,000,000 General Obligation Bonds, 2007 Series D. The Bonds were purchased by Merrill Lynch through a competitive bid process on Parity and were reoffered to retail and institutional investors. The bonds have an average life of 11.7 years and true interest cost of 4.30%.
03/07/07 Bond Issue - The State offered its $14,500,000 General Obligation Bonds, 2007 Series B and C (Vermont Citizen Bonds and Vermont Citizens Environmental Bonds) through a negotiated offering managed by Citigroup. The Bonds have an average life of 4.8 years and a true interest cost of 3.65%
02/13/07 Bond Issue - The State offered its $30,000,000 General Obligation Bonds, 2007 Series A. The Bonds were purchased by Citigroup through a competitive bid process on Parity and where reoffered to retail and institutional investors. The Bonds have an average life of 12.40 years and a true interest cost of 4.09%.
12/06/05 Bond Issue - The State offered its $15,000,000 General Obligation Bonds, 2005 Series E (Vermont Citizens Bonds) through a negotiated offering managed by Citigroup. The Bonds have an average life of 5.09 years and a true interest cost of 3.76%.
11/15/05 Bond Issue - The State offered its $30,000,000 General Obligation Bonds, 2005 Series D. The bonds were purchased by Merrill Lynch through a competitive bid process on Parity and were reoffered to retail and institutional investors. The bonds have an average life of 12.64 years and a true interest cost of 4.38%.
05/24/05 Bond Issue - The State issued $20,805,000 of General Obligation Refunding Bonds, 2005 Series C, underwritten by Citigroup and A.G. Edwards in a negotiated sale. These bonds were issued to take advantage of prevailing low interest rates to retire higher cost outstanding debt.
03/30/05 Bond Issue - The State offered its $15,000,000 General Obligation Bonds, 2005 Series B (Vermont Citizen Bonds) through a negotiated offering managed by Citigroup. The Bonds have an average life of 5.38 years and a true interest cost of 3.65%.
02/16/05 Bond Issue - The State offered its $26,000,000 General Obligation Bonds, 2005 Series A. The bonds were purchased by Citigroup Global Markets Inc. through a competitive bid process on Parity and were reoffered to retail and institutional investors. The Bonds have an average life of 13.4 years and a true interest cost of 3.89%.
03/10/04 Bond Issue - The State issued $42,200,000 of Vermont General Obligation Bonds in a competitive sale through Parity. The issue was purchased by Legg Mason Wood Walker, Inc. and had a true interest cost of 3.58%.
02/11/04 Bond Issue -The State issued $137,457,000 of General Obligation Refunding Bonds, underwritten by Citigroup and UBS Financial Services in a negotiated sale. These bonds were issued to take advantage of the prevailing low interest rates to retire higher cost outstanding debt. Gross savings to the State will be in excess of $7 million over the life of the issue (final maturity February 1, 2018); net present value savings are just below $6 million.
09/05/03 Bond Issue - The State issued $48,000,000 in General Obligation Revenue Anticipation Notes through a private placement to Calvert Tax-Free Reserves Limited-Term Portfolio. This short term financing was for the purpose of providing FY2004 working capital to the State and matured on March 5, 2004.
01/29/03 Bond Issue - The State issued $5,000,000 of Vermont Citizen Bonds, which were bought by Salomon Smith Barney. These bonds are reserved for Vermont residents and come in denominations of $1,000.
08/21/02 Bond Issue - The State issued $75,000,000 in General Obligation Revenue Anticipation notes, 2003 Series A to Goldman, Sachs & Co. at a yield of 1.36%. This short-term financing provided working capital to the State during FY2003 and matured on June 17, 2003.
12/09/02 Bond Issue - The State issued $31,555,000 of General Obligation Refunding Bonds, which were bought by UBS Paine Webber, Inc. at a true interest cost of 3.49%. These bonds were issued to take advantage of today's low interest rates and refunded higher cost outstanding debt.
12/04/02 Bond Issue - The State issued $30,800,000 of General Obligation Bonds in a competitive sale through Parity, the primary vendor of web-based securities bidding software for the state and local government bond market. The issue was purchased by Salomon Smith Barney and had a true interest cost of 4.21%.
