The State is a general-purpose government providing a wide variety of governmental and enterprise services throughout the State. The State operates, among other activities, colleges and universities, prisons, centers for the mentally ill and developmentally disabled, a highway system, railroads, parks and forests, wildlife preserves, law enforcement programs, environmental protection activities, and regulatory programs. The State authorizes expenditures either through the annual operating budget or through the capital budget. Much of the capital budget is financed by the State’s General Obligation Bonds which currently have the following ratings (AAA/AAA/Aa1) from, S&P Global Ratings, Fitch Ratings, and Moody’s Investors Service, Inc., respectively. In addition, there are a number of State agencies that have authority to issue bonds for specific classes of facilities or to provide financing for individuals and businesses. Since 1986, the State has financed the acquisition of certain equipment under a lease- purchase financing arrangement, on a consolidated basis, for various State agencies. The State has also never failed to make lease payments on any lease-purchase financing or to appropriate funds in connection therewith.
