Governor Ned M. Lamont

Frequently Asked Questions

Frequently Asked Questions

Step 1. Have or obtain a brokerage account.

Bonds issued by the State of Connecticut on the primary market must be purchased through a Investment Advisor or Broker that is on the State’s qualified list. If you do not have an account at one of the participating firms, you may open one and purchase bonds or notes during the retail priority order period. Investors are encouraged to begin the new account process well in advance of the bond sale. Depending on the brokerage, internal new account procedures may take some time to process. Each firm has its own requirements for opening an account. The State does not endorse any particular brokerage firm. Additionally, the State does not guarantee that any one of these firms will open an account for an investor.

Step 2. Learn about the bonds.

Information about the State and its current and/or upcoming bond offerings may be found at Bonds are only offered through an Official Statement (OS). A Preliminary Official Statement (POS) is the pre-sale offering document for bonds that is prepared for a particular transaction or bond sale. The POS discloses security features, economic, financial, and legal information regarding the bond issue as well as any other material news that merits disclosure to the investor community. A POS contains relevant information except for that determined on the pricing date of the bond sale (interest rates, maturity amounts, etc.).An OS contains the pricing data in addition to all of the information contained in the POS. The OS is typically not finalized until after the results of the bond sale or “pricing.” As a result, the OS discloses the results of the bond sale or pricing and details the data that is determined on the pricing date of the bond sale such as interest rates and maturity structures. Before purchasing a State of Connecticut bond, you should conduct your own due diligence by reading the POS or OS for that bond issue.In addition, on the, website you may submit a request to be added to the State of Connecticut Treasurer’s Office e-mail list to be notified of upcoming bond offerings.

Step 3. Place an order to buy bonds.

When the State issues new bonds, there is usually a retail priority order period for individual investors to place retail orders which is advertised to the public. Please contact your Investment Advisor or the Broker with whom you have an account for information about how to buy bonds or notes during the retail priority order period.
The retail priority order period is a one or two-day period just before the pricing date when individual investors have first priority to place their bond orders with their broker. The pricing date is the day when the coupon rates, yields and prices for each bond maturity are finalized. It is important to note that the coupon and pricing information available during the retail priority order period is preliminary and will not be final until the pricing date, which is the following business day.
When you purchase a State of Connecticut Bond, your principal investment will be returned to you at maturity. Until maturity, you will receive interest payments, generally semi-annually, until the maturity date of the bond. If you purchased a tax-exempt bond, your interest payments will be exempt from federal income tax and, if you are a Connecticut resident, your interest payments will also be exempt from Connecticut state income tax.
Municipal bonds and notes can be an important part of a diversified investment portfolio. Because bonds and notes typically have a predictable stream of payments of principal and interest, many people invest in them to preserve and increase their capital, or to receive dependable interest income. If you purchase a tax-exempt bond, your interest payments will be exempt from federal income tax and, if you are a Connecticut resident, your interest payments will also be exempt from Connecticut state income tax. The tax advantage individual investors receive from tax-exempt bonds will vary depending on income level and other factors. It is important to consult with your Investment Advisor or Broker before purchasing bonds.
Investing in any bond carries certain risks that can vary from bond issue to bond issue. For example, such risks include, but are not limited to, credit risk and market risk. To evaluate the credit risks associated with a particular bond issue, you should review the Preliminary Official Statement of the offering in its entirety and consult your Investment Advisor or Broker.
Most municipal bonds are issued with an early redemption feature, typically referred to as a call option. A call feature gives the issuer of the bond the right, but not the obligation, to “call” back or redeem bonds after a specific amount of time has passed from the time of issuance. If a bond is called early, principal is repaid back in full to the investor and regular interest payments cease.
New bond issues are sold in the primary market. In a new issue, the bond terms are set, including the initial price and interest rate, and the bonds are sold to investors, with the issuer receiving the proceeds of the sale.A secondary market transaction does not involve the issuer, but is a transaction between two investors – a buyer and a seller. Secondary market transactions involve a brokerage firm which acts either as an intermediary between the buyer and seller, or as a buyer or seller itself. Market conditions, such as prevailing interest rates, supply and demand, and credit quality, among other variables, determine the price of the bonds, which may differ from the original price.
An investor does not pay a sales commission when Connecticut bonds are purchased in the primary market during the retail priority order period. However, when purchasing bonds in the secondary buyers generally pay fees directly to the Investment Advisor or Broker for facilitating the purchase. Specifics are based on the fee arrangement the investor has with the broker-dealer.
No, the College Savings Bond Program was discontinued. However, the Office of the Treasurer does offer a state-sponsored program for families to save and invest for higher education expenses called the Connecticut Higher Education Trust, or CHET. Under current law, earnings on CHET contributions are tax deferred at the federal level and state income tax exempt. Withdrawals are tax-free at both the federal and state level when used for qualified higher education expenses.An informational brochure and enrollment application may be obtained by calling 1-888-799-CHET or visit
Hardcopies of Official Statements, if available, may be obtained from your Investment Advisor or Broker. Electronic copies are available at or by calling 1-877-552-8266.The State also provides certain disclosure information, including Official Statements, to Nationally Recognized Municipal Securities Information Repositories (“NRMSIR”) in accordance with the requirements of Rule 15c2-12 promulgated by the Securities and Exchange Commission (“SEC”).As of July 1, 2009, as directed by the SEC, the Municipal Securities Rulemaking Board (“MSRB”) has maintained a continuing disclosure service through its Electronic Municipal Market Access (“EMMA”) system.EMMA’s continuing disclosure service provides free electronic access to primary municipal market disclosure documents, ongoing disclosures, trade data, and other related information on the EMMA website at
  • An interest or principal payment
  • Any notices that may have been issued to call the bonds prior to maturity
  • The registration of the bonds
  • A bond that has matured
  • A lost college savings bond certificate or similar question

  • Please contact the Paying Agent and Registrar as follows:

    For State of Connecticut General Obligation Bonds (including College Savings Bonds), Special Tax Obligation Bonds, Bradley Airport Revenue Bonds, Bradley Parking Revenue Bonds, Clean Water Fund Bonds, and UConn 2000 Bonds:

    U.S. Bank, Global Corporate Trust Services
    Attn.: Bondholder Services – EP-MN-WS2N
    111 Fillmore Avenue East
    St. Paul, MN 55107-1402

    For The Connecticut Juvenile Training School Certificates of Participation:

    The Bank of New York Mellon
    Corporate Trust Operations
    111 Sanders Creek Parkway
    East Syracuse, NY 13057
    Since 1987, State of Connecticut bonds are generally issued in $5,000 denominations as fully registered book entry bonds, without physical certificates or coupons to clip.Bond purchases are recorded in an electronic computerized book entry form by the Depository Trust Company (“DTC”), a New York limited purpose trust company and member of the Federal Reserve System. DTC is also a registered clearing agency under the Securities Exchange Act of 1934, and holds securities for participants. Purchasers of book entry bonds under the DTC will receive a credit for the bonds on DTCs computerized records. Under this system individual bondholders do not receive physical certificates representing their ownership of the bonds, but should receive account statements of their holdings from their securities Investment Advisor or Broker.
    Bond ratings depend on the security features of particular bond programs. Some bonds might have different credit ratings assigned to them by the rating agencies due to credit enhancements, such as bond insurance or letters of credit; or due to escrows or reserves established to pay principal and interest on refunded issues.The credit ratings for the major State of Connecticut bonding programs may be found here: most recent credit ratings for a particular municipal bond can be obtained from the following credit rating agencies located in New York City.

  • Fitch Ratings: 800-893-4824
  • Kroll Bond Rating Agency: 212-702-0707
  • Moody’s Investors Service: 212-553-0300
  • S&P Global Ratings: 877-772-5436
  • The State of Connecticut currently issues bonds under four programs:

  • General Obligation Bonds (“GO”)
  • Special Tax Obligation Bonds (“STO”)
  • UConn 2000 Bonds
  • Clean Water Fund Bonds (“Green Bonds”)

  • Visit for summaries of the bond programs.
    A Social Bond is a financial instrument that raises funds for new and existing projects that address or mitigate a specific social issue and/or seek to achieve positive social outcomes. Connecticut’s Social Bond proceeds align with the International Capital Market’s Social Bond Principles and the United Nations’ Sustainable Development Goals, which include quality education, clean water and sanitation, clean energy, mitigating hunger and climate action. Investors may desire to support issuers in financing socially sound and sustainable projects that achieve greater social benefits.
    What is a Green Bond?

    A Green Bond is a financial instrument utilized to finance projects that have climate or environmental benefits. Green Bond proceeds are applied solely to finance eligible Green Projects. Green Projects fall into several broad categories, including water pollution prevention and control, and sustainable water management.
    Why does the SRF Program issue Green Bonds?

    The SRF Program issues Green Bonds to emphasize and encourage its commitment to the use of bond proceeds in accordance with Green Bond Principals. Borrowers who receive assistance from the SRF Program finance Green Projects including infrastructure improvement projects for waste water treatment systems and public drinking water systems.

    How secure are State of Connecticut SRF bonds?

    Bonds issued through the SRF Program are currently rated Aaa, AAA and AAA by Moody’s Investors Service, S&P Global Ratings and Fitch Investors Service, respectively, each rating agency’s highest rating designation. The SRF Program has a highly rated and diverse borrower pool. The credit of the borrowers is continuously monitored. SRF bonds are cross-collateralized so all available moneys in the SRF are available to pay debt service on SRF bonds. In addition, the Program is structured such that SRF funds cannot be used for any purpose other than the SRF Program.

    Who benefits from the projects funded through the SRF Program?

    The goal is to ensure that every resident of, and visitor to, the State of Connecticut has access to clean safe drinking water and pollutant free waterways.

    Why consider buying SRF bonds?

    Investing in Connecticut SRF bonds contributes to the continued growth of the SRF Program. This means more funding is available to finance additional projects to continually improve upon the State’s water infrastructure and the safety of its waterways.


    I am interested in obtaining information about bonds issued by a State Quasi-Public Authority. Whom should I contact?
    Below is a list of State Authorities that issue their own debt. Please contact them directly.

    Capital Region Development Authority
    100 Columbus Boulevard
    Suite 500
    Hartford, CT, 06103
    (860) 527-0100


    Connecticut Health and Educational Facilities Authority
    10 Columbus Boulevard
    7th Floor
    Hartford, CT, 06106-1976
    (860) 520-4700


    Connecticut Housing Finance Authority
    999 West Street
    Rocky Hill, CT, 06067
    (860) 721-9501


    Materials Innovation and Recycling Authority
    200 Corporate Place
    Suite 202
    Rocky Hill, CT, 06067
    (860) 757-7700

    Connecticut Green Bank
    845 Brook Street
    Rocky Hill, CT 06067
    (860) 563-0015


    Connecticut Higher Education Supplemental Loan Authority
    10 Columbus Boulevard
    7th Floor
    Hartford, CT, 06106-1976
    (860) 520-4001


    Connecticut Innovations
    865 Brook Street
    Rocky Hill, CT, 06067
    (888) 337-5454


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