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Bonds issued to pay down debt

In November, the Governor’s Office of Management and Budget (GOMB) issued bonds totaling $6 billion to be used to pay down the state’s $16 billion bill backlog.

A portion of the money will be combined with federal match funds to pay down a $5.4 billion backlog in Medicaid bills and other interest-accruing vouchers; and $3.98 billion will be used to pay down the Group Health Insurance bill backlog.

GOMB will also close on $750 million in bond sales in December, which are to be used to fund previously appropriated capital improvement projects. 

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