During the spring of 2013, the state completed the sale of $211.9 million in Article XI-Q bonds. This sale included a significant refunding component that achieved net present value savings of over $18.7 million (gross savings $22.8 million). In April, the State sold $244.4 million in Lottery revenue bonds, primarily to fund university and community college projects as well as to fund grants for multi-modal transportation statewide. A smaller refunding component of the Lottery bond sale achieved present value debt service savings of over $6 million. The State sold over $640 million in Tax Anticipation Notes in July 2013. The notes were sold at a 0.18% yield.
In our ongoing post-issuance compliance efforts, we have developed a survey that will be sent to the Chief Financial Officers of all state agencies which have amounts outstanding on bond-financed projects. We appreciate agencies cooperation in promptly responding to this survey. We are also scheduling meetings with participating agencies to review documents and processes related to bond-funded projects. Feel free to contact us if you have any questions regarding these efforts.
Instructions for the next cycle of Capital Projects Advisory Board (CPAB) submittals are being updated and are expected to be released soon. The Department was pleased that the 2013 legislature approved our request for a Statewide Facilities Planning Director position. This new resource should improve our ability to develop facilities plans on a more proactive basis and assist with implementation of best practices statewide.