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Legislative analysts flag bond‑sale timing, recommend level refunding savings and two sales per year
Summary
Department of Legislative Services and the Treasurer briefed the Appropriations Committee on fiscal 2026 debt service, recommending level refunding savings, cautious bond sale sizing and returning to two annual sales to reduce risk; DLS and the Treasurer differ on exact issuance assumptions.
DLS analyst Mr. Frank told the Appropriations Committee the fiscal 2026 debt service estimate includes $1.399 billion in debt service on previously issued general obligation bonds and assumes a new bond sale in June 2025. The analyst said DLS is using a $900 million estimate for new issuance and a 5% interest rate assumption; DBM used a $1.35 billion estimate, which explains much of the difference between the two forecasts.
Frank said the unusual projected decline in debt service for 2026 is driven by the scheduled retirement of large 15‑year issuances from…
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