DEBT MANAGEMENT
Mission
To manage the state's debt and credit interest to the state's school and special funds with maximum accuracy and efficiency.
Activities
- Maintain records required for bond projects as authorized by the yearly bond bill from authorization through bond sale and 10 or 20-year amortizations of the projects.
- Provide Office of the Budget with the fiscal year principal and interest payments due by department, division, and organization.
- Provide Bond Counsel with data relating to bond projects including project identification, description, volume, and chapter required to obtain legal opinion for the bond issue.
- Set up, monitor, calculate and pay interest on approximately 490 special funds on deposit with the State Treasurer. Interest in Fiscal Year 2002 totaled more than $14.4 million.
- Provide assistance to local school districts in acquiring Attorney General's opinion in securing a Bond Anticipation Note or permanent bond financing of their local share.
- Maintain the school interest table in the Delaware Financial Management System to calculate interest to schools for their operation, debt service, and construction funds on deposit with the State Treasurer. Interest paid to school districts on their funds on deposit with the State Treasurer totaled $12.1 million for Fiscal Year 2002.
- Assist the general public with any inquiries concerning state bonds.
