GO Bonds and COP Proceeds

General obligation (GO) bond proceeds must be invested by the State Treasurer and certificates of participation proceeds (COPs) must be held by the Trustee, until they are required for expenditure. In addition, IRS Regulation Chapter 26 Part 1.148-6 (D)(7), mandates that funds derived from these two sources must be disbursed to contractors within 24 hours of receipt, in order to prevent violation of arbitrage laws. To insure compliance with both of these requirements, the Office of the State Controller (OSC) has established the following policy and procedure which must be followed when requisitioning funds or preparing transfers according to the following draw schedules.

Listed below are the holidays that will be observed by State employees during 2020 with the corresponding bond processing dates.  The holidays indicated (***) will change the normal processing of bonds from Thursday and Friday to the dates shown.  All other weeks will follow the normal processing schedule.

2020 Go Bond Schedule

GO Bond, Special Indebtedness and Two Thirds GO Bonds, Transfers and Disbursements