Texas Comptroller of Public Accounts
FOR IMMEDIATE RELEASE
August 22, 2017
(AUSTIN) — Texas Comptroller Glenn Hegar announced today's sale of $5.4 billion in Texas Tax and Revenue Anticipation Notes (TRANs) received a net interest rate of 0.96 percent.
"We received the highest possible short-term credit ratings from Wall Street, which helped drive down the cost of borrowing," Hegar said. "I'm proud to say Texas is a solid investment."
The Comptroller's office received 66 bids worth $20.5 billion, 3.8 times the amount offered for sale. It is the first time Texas has had to issue TRANs since 2014. Prior to that, Texas had sold TRANs annually since fiscal 1987.
Money from TRANs sales is used to help fund expenditures such as public-school payments made early in the fiscal year, before the arrival of tax revenues later in the year.
The $5.4 billion in notes from today's sale will be repaid on Aug. 30, 2018.
In 2015, the Texas Legislature passed House Bill 855, which requires state agencies to publish a list of the three most commonly used Web browsers on their websites. The Texas Comptroller’s most commonly used Web browsers are Google Chrome, Microsoft Internet Explorer and Apple Safari.