State of Georgia debt management plan 2025-2029

DEBT MANAGEMENT PLAN
2025 - 2029
GOVERNOR BRIAN P. KEMP

DEBT MANAGEMENT PLAN
FISCAL YEAR 2025 FISCAL YEAR 2029
Dated January 2025

Georgia State Financing and Investment Commission
Members
GOVERNOR BRIAN P. KEMP - Chairman
LIEUTENANT GOVERNOR BURT JONES - Vice Chairman
STATE AUDITOR GREG S. GRIFFIN Secretary/Treasurer
SPEAKER OF THE HOUSE OF REPRESENTATIVES JON G. BURNS
ATTORNEY GENERAL CHRISTOPHER M. CARR
COMMISSIONER OF AGRICULTURE TYLER HARPER
STATE TREASURER STEVE McCOY
Construction Division Director Marty W. Smith Executive Secretary to the Commission
Financing and Investment Division Director Diana Pope

TABLE OF CONTENTS
Executive Summary ......................................................................................... 1 Constitutional and Statutory Framework for State Debt............................. 3 Types of Debt Obligations ............................................................................... 5 Other Long-Term Obligations ........................................................................ 13 Debt Structure .................................................................................................. 16 Debt Affordability ............................................................................................ 16 Conclusion......................................................................................................... 25
Tables Summary of Projected Debt Ratios (GO Bonds and GR Bonds).................... 28 Summary of Projected Debt Ratios (GO Bonds, GR Bonds, and GARVEEs) ...................................................................................................... 29

Appendix A: State of Georgia General Obligation Bonds and Guaranteed

Revenue Bonds Debt Service Schedules

A-1

Appendix B: State Authority Debt Service Schedules (as of June 30, 2024) Georgia Higher Education Facilities Authority .............................................. B-1 Georgia Housing and Finance Authority ........................................................ B-2 Lake Lanier Islands Development Authority.................................................. B-3 Georgia Ports Authority ................................................................................. B-4 State Road and Tollway Authority.................................................................. B-5 Georgia World Congress Center Authority..................................................... B-6

STATE OF GEORGIA DEBT MANAGEMENT PLAN FISCAL YEAR 2025 FISCAL YEAR 2029
EXECUTIVE SUMMARY
Each January, the Georgia State Financing and Investment Commission (the Commission) updates the State's debt management plan (the Plan) to provide projections of the State of Georgia's general obligation (GO) and guaranteed revenue (GR) debt and the annual debt service requirements (principal and interest authorized to be paid during a fiscal year). The Plan covers the current fiscal year and the four succeeding fiscal years. The resulting projected highest annual debt service requirements (HADS) are compared to the prior year's State's treasury receipts (the HADS requirements includes debt service for authorized unissued debt). This ratio, which is limited by the State's Constitution at a maximum of 10%, assists the General Assembly in their consideration of the authorization of new State general obligation and guaranteed revenue bond debt during the annual appropriations process. Projected authorizations of new debt may be increased or decreased depending on the capital needs of the State and projections of estimated treasury receipts in future years.
The table on the following page shows actual (FY 2020 FY 2024) and projected (FY 2025 FY 2029) authorizations for GO debt and GR debt for capital projects, bond issuances for each fiscal year and the resulting ratio of combined annual GO and GR debt service to prior year State treasury receipts. New debt authorizations may not all be issued in each year, and to the extent there are any unused authorizations carried over from prior fiscal years, the amount of bonds issued in a fiscal year may exceed the amount of new authorizations for that fiscal year by up to the carryover amount.
Beginning with the amended FY 2022 budget, approximately $5.3 billion in cash has been appropriated for significant one-time capital investments and other capital project needs. Of the $5.3 billion total, $2.4 billion was appropriated to a new Capital Project Fund that was first established in the amended FY 2024 appropriations bill. Similar to the approach taken with the FY 2025 budget, the Governor's recommendation for FY 2026 is to fund capital projects with cash appropriations to support another year of not needing to issue new GO debt and saving billions in future debt service costs. The Governor is also recommending an additional $709 million in cash appropriations for amended FY 2025; total recommended FY 2025 cash funding for capital projects is $1.58 billion. By utilizing cash appropriations for capital needs in lieu of issuing GO debt, the State is able to achieve historically low projected debt service ratios.
GO debt authorizations are currently projected to resume in FY 2027; GO projected issuances for FY 2027 include $900 million of new authorizations and $384 million of unissued authorizations carried over from prior years.
No additional new authorizations for GR debt are projected during the planning period; however, the State currently expects to issue the remaining $110 million of authorization in FY 2025 with the remaining $89.6 million to be issued towards the end of FY 2026/early FY 2027. The corresponding HADS ratios are based on the actual or scheduled debt service payments for
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all currently outstanding GO and GR bonds, plus the projected debt service appropriations for new debt authorizations.

$ - Millions Fiscal Year

Actual Amounts 2020 2021 2022 2023 2024

New GO Authorizations

$1,096 $1,129

$983

$939

$703

2025

Projected Amounts* 2026 2027 2028
$900 $900

2029 $900

GO Issuances $997 $1,139 $1,139 $754 $671

$1,284 $900 $900

Capital Project Fund Cash
Appropriations
New GR Authorizations

$567

$1,527 $1,576 $867

GR Issuances

$367

$110 $90

Highest Annual

Debt Service (Issued and

$1,333 $1,251 $1,246 $1,338 $1,338 $1,289 $1,198 $1,240 $1,262 $1,336

Authorized)

Prior Year State Treasury $26,973 $26,900 $30,317 $36,596 $37,707 $38,213 $37,464 $37,711 $37,116 $38,428
Receipts

HADS Ratio 4.9% 4.7% 4.1% 3.7% 3.5% 3.4% 3.2% 3.3% 3.4% 3.5%

*As of January 1, 2025

Various State authorities are authorized by State law to transact multi-year debt obligations which are secured by revenues of the authority; however, these obligations are not included in the debt service ratio as defined in the Constitution. The act creating the Commission established the Commission as having final authority to authorize the issuance of any new debt by State authorities and in setting the parameters for the incurring of that debt. These debt obligations, which are backed only by the designated revenues, are commitments of the issuing State Authority only; there is no legal recourse to the State for repayment of the obligations. The obligations of State authorities are discussed in more detail, beginning on page 10.

There are other types of multi-year debt obligations, which even though they do not meet Georgia's constitutional definition of debt, generally are considered by the credit markets and rating agencies as de facto debt of the State or the University System of Georgia (USG) and thus that debt does have credit rating implications for the State. The two primary types of such obligations are (1) lease obligations of State agencies and (2) the debt of foundations and cooperative organizations associated with USG and its various institutions. In compliance with various Statements of the Governmental Accounting Standards Board (GASB), these obligations are reflected in the State's Annual Comprehensive Financial Report and are discussed on page 13.

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CONSTITUTIONAL AND STATUTORY FRAMEWORK FOR STATE DEBT
In November 1972 the electorate of the State approved a comprehensive amendment to the Constitution (the 1972 Amendment), which permitted the State to finance its capital project needs directly through the incurring of GO debt and GR debt, both of which are secured by the full faith and credit of the State. The 1972 Amendment also included a prohibition against the State entering into any new lease/rental agreements if those agreements would serve as security for financings by State authorities or other public institutions. The State's first issue of GO bonds subsequent to the 1972 Amendment was in September 1974 with the issuance of $20 million series 1974A general obligation bonds.
With the ratification of a new Constitution in 1983, the ratio of maximum fiscal year GO and GR debt service to prior year State treasury receipts was lowered to 10% from its initial level of 15%. The parameters established by the Constitution regarding the issuance of GO and GR debt form a solid foundation supporting the highest possible ratings which have been assigned by the bond rating agencies to the State's debt, and the credit markets' high regard of the State's debt. Some of the key provisions of the Constitution include:
a prohibition against incurring additional debt (either via issuance of GO bonds or GR bonds) which would cause the highest aggregate annual debt service in the then current year or any subsequent year to exceed 10% of the total State treasury receipts for the fiscal year preceding the issuance of the additional debt;
explicit descriptions of the types of capital projects which can be funded with GO and GR debt;
a requirement that the maximum annual debt service for proposed new debt be appropriated at the time the debt is authorized;
a requirement for full appropriation each fiscal year of the amount necessary to pay the aggregate debt service coming due for that year;
a provision that debt service appropriations for new debt authorizations which were not issued do not lapse at the end of the fiscal year in which they were authorized;
a provision for repeal, prior to the incurring of the debt, of GO and GR debt authorizations by the General Assembly;
guidelines as to how GO and GR debt may be refunded to ensure that there is no incremental increase in debt service in any future year and to prohibit the extension (final maturity) of the debt as a result of the refunding;
limitations on cash flow borrowing for operating budget purposes; a prohibition against the issuance of any new Authority debt which would be secured by
lease agreements with State agencies or departments, as had been utilized extensively by the State prior to the 1972 Amendment; a provision that should the amount appropriated for debt service payments be insufficient for any reason to make all payments due with respect to GO debt, the first revenues thereafter received in the general fund of the State must be set aside to the extent necessary to cure any such payment deficiency; an explicit right established by the Constitution for any GO debt holder to bring suit, if necessary, to compel the appropriate state fiscal officer to meet the obligation to set
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aside the first revenues received after a determination that insufficient funds have been set aside for payment of all payments due with respect to GO debt of the State; guidelines as to the issuance of GR debt including a requirement that there be a debt service reserve funded at the time the debt is incurred in an amount equal to the highest annual debt service amount for that debt, and provisions for the replenishment of that reserve from state treasury receipts should there ever be a need to utilize any of the funds within the reserve for payment of debt service, and an explicit right established by the Constitution for any GR debt holder to bring suit, if necessary, to compel the appropriate state fiscal officer to meet the obligation to apply funds to the debt service reserve fund per the requirements of the Constitution.
The issuance of all State debt, and debt issued by State authorities, is subject to Commission approval unless there is a statutory exception. The Commission is comprised of seven members, all of whom serve in an ex-officio capacity with the three officer designations as established in the Constitution: the Governor of the State serves as Chairman, the President of the Georgia State Senate (the Lieutenant Governor) serves as Vice-Chairman, and the State Auditor serves as Secretary and Treasurer. Other members of the Commission are the Attorney General, the Commissioner of Agriculture, the Speaker of the House of Representatives, and the State Treasurer.
Pursuant to the Constitution, the Commission is charged with the following responsibilities:
the issuance of all public debt of the State, the proper application of the proceeds of such debt to the purposes for which it is
incurred, the investment of all proceeds to be administered by the Commission, providing debt related financial advisory services to State authorities and agencies, providing construction services for State agencies for GO debt funded projects, and additional responsibilities as provided by law.
In summary, the Constitution provides for the issuance, and limitations and conditions thereon, by the State of both GO debt and GR debt, and establishes that the full faith, credit, and taxing power of the State is pledged to the repayment of both of these types of public debt. During the legislative session each year as part of the budget appropriations process, the General Assembly may authorize new GO debt to be issued by the State and/or GR debt to be issued by various State authorities; the Governor may approve or veto individual debt authorizations included in the appropriations bill. The Constitution also provides for the issuance of revenue debt which may be issued by certain State authorities as authorized by State statute; such nonguaranteed revenue debt cannot be secured by the full faith, credit, and taxing power of the State, but instead must be secured only by specified revenues of the Authority pursuant to the Act creating and governing the Authority.
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TYPES OF DEBT OBLIGATIONS
General Obligation Debt
The Constitution limits the use of GO debt to the following purposes: to acquire, construct, develop, extend, enlarge, or improve land, waters, property,
highways, buildings, structures, equipment, or facilities of the State, its agencies, departments, institutions, and of certain State authorities; to provide educational facilities for county and independent school systems and for public library facilities for county and independent school systems, counties, municipalities, and boards of trustees of public libraries or boards of trustees of public library systems; and, to make loans to counties, municipal corporations, political subdivisions, local authorities, and other local government entities for water or sewerage facilities or systems, or for regional or multi-jurisdictional solid waste recycling or solid waste facilities or systems.
The State Constitution limits the term of GO debt to 25 years. As a matter of practice, however, the General Assembly typically approves the issuance of GO debt with a final maturity of not more than 240 months (20 years) from the date that the debt is incurred for major construction and renovation projects, or for a shorter final maturity (generally 60 months) for less extensive repair projects and capital equipment needs; this is done so the term of the debt does not exceed the useful life of the specific projects and equipment being funded.
Beginning with FY 2009, the following chart presents a history of actual net GO debt authorizations and cash appropriations to the Capital Projects Fund. In response to the decline in State revenues during and after the end of the 2007-2009 recession, the State reduced the amount of new authorizations for GO debt as compared to preceding years to only the most critical infrastructure projects in order to help bring the various debt ratios back within planning limits sooner rather than later. As State revenues slowly recovered after that recession, new debt authorizations also were returned to more normal levels. The COVID-19 recession in 2020, lasting only two months, caused less severe and shorter declines in State revenues compared to the 2007-2009 recession. As a result, it did not require significant reductions in new debt authorizations; instead, excess revenues above budget estimates allowed for additional capital investments to be funded with cash appropriations. Beginning in FY 2022, cash appropriations to various state agencies has funded a total of approximately $5.3 billion for capital project investments, of which approximately $2.4 billion was appropriated to a new Capital Project Fund that was first established in the amended FY 2024 appropriations bill.
(Chart shown on following page.)
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Millions

Capital Projects GO Debt Net Authorizations and Cash-Funded Appropriations

2,400

2,000

1,600 1,200

$1,527

800 400 $1,024$1,210 $838 $632 $750 $847 $865 $1,097 $949 $1,166$1,184$1,096$1,129 $983 $939 $698 $867
0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

GO Debt Net Authorizations

Capital Project Fund Cash Appropriations

GO debt may be incurred only if the General Assembly first enacts legislation as part of the annual appropriations bill or the amended annual appropriations bill. The appropriation language includes the following: (1) the purpose(s) for the debt (in either general or specific terms), (2) the authorized maximum principal amount of the debt, (3) the amount appropriated for annual debt service, and (4) the maximum maturity of the debt. The Governor may approve or veto debt authorizations on an individual basis as part of signing the appropriations bill legislation into law. Authorizations for debt and the appropriations made for payment of debt service on that debt do not lapse at the end of the fiscal year even if the debt is not incurred and continue in effect until either the debt for which the appropriation was authorized has been incurred, or the authorization has been repealed by the General Assembly.
The chart below illustrates how GO net debt authorizations beginning with FY 2014 were distributed among major functions and programs of the State.
General Obligation Debt Net Authorizations by Program

7% 2% 9%
10%

27%

11%

34%

K-12 Education Higher Education Public Safety Economic Development Transportation Water & Sewer Other

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The Constitution requires that each fiscal year the appropriations for debt service payments on all GO debt be made to a special trust fund which is designated as the State of Georgia General Obligation Debt Sinking Fund. The amount to be appropriated to the sinking fund must be sufficient to pay that year's debt service on all outstanding GO debt plus the maximum annual debt service requirement on all authorized but unissued debt.
As an additional safeguard against a shortage in the sinking fund required for debt service payments, the Constitution mandates that if the General Assembly fails to make sufficient appropriations to the sinking fund, or if the fund lacks enough resources to cover all required debt service payments during the fiscal year, the deficiency must be addressed. The first revenues received thereafter in the general fund of the State, to the extent necessary, will be set aside and deposited into the sinking fund to cover the shortfall.
As of June 30, 2024, there was approximately $9.2 billion of GO debt outstanding (see Appendix A, page A-1). By December 31, 2024, the total GO debt outstanding had decreased by $660.1 million, reflecting scheduled principal payments and other defeasance transactions made since June 30, 2024. With no new GO bond authorizations for FY 2025 and FY 2026, there remains approximately $384.4 million of GO debt authorizations available for future issuances. As of the date of this Plan, there are no plans for additional GO bonds until FY 2027.
The following chart depicts the annual debt service on all currently outstanding GO debt plus the annual debt service on the $384.4 million projected to be issued in FY 2027. It also includes projections for future new debt authorizations of $900 million per year, beginning with FY 2027. FY 2025 debt service of approximately $1.2 billion represents actual scheduled debt payments on GO bonds that have already been issued. .
General Obligation Bonds Debt Service FY 2025 - FY 2045
1,500

1,250

1,000

Millions

750

500

250

0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

Principal (Issued Bonds Only - as of 12/31/2024)

Interest (Issued Bonds Only - as of 12/31/2024)

Debt Service for FY 2027 - FY 2029 Projected Issuances Debt Service for FY 2030 - FY 2045 Projected Issuances

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Guaranteed Revenue Debt
GR debt is revenue debt issued by a State authority for which the State, via the legislative process, has guaranteed the repayment. The Constitution limits the use of GR debt to the following purposes:
toll bridges or toll roads, land-based public transportation facilities or systems, water facilities or systems, sewage facilities or systems, loans to, and loan programs for, citizens of the State for educational purposes, and regional or multi-jurisdictional solid waste recycling or solid waste facilities or systems.
The amount of GR debt which may be issued to fund water or sewage treatment facilities or systems is limited by the Constitution as follows:
"No guaranteed revenue debt may be incurred to finance water or sewage treatment facilities or systems when the highest annual debt service requirements for the then current year or any subsequent fiscal year of the State for outstanding or proposed guaranteed revenue debt for water facilities or systems or sewage facilities or systems exceed 1 percent of the total revenue receipts less refunds of the State treasury in the fiscal year immediately preceding the year in which any such debt is to be incurred."
There also is a limit on the amount of GR debt for educational purposes:
"The aggregate amount of guaranteed revenue debt incurred to make loans for educational purposes that may be outstanding at any time shall not exceed $18 million, and the aggregate amount of guaranteed revenue debt incurred to purchase, or lend or deposit against the security of, loans for educational purposes that may be outstanding at any time shall not exceed $72 million."
Prior to incurring GR debt, legislation must be enacted by the General Assembly and signed into law by the Governor authorizing the guarantee of the proposed debt obligation. In the legislation, which generally is part of the annual appropriations bill for the State, the General Assembly must determine conclusively that such obligations will be self-liquidating over the life of the obligation, specify the maximum principal amount of such obligation, and appropriate an amount at least equal to the highest annual debt service requirement for the obligation which must be deposited into a special trust fund designated as the State of Georgia Guaranteed Revenue Debt Common Reserve Fund (the common reserve fund) at the time the GR debt is incurred. The common reserve fund provides a reserve for debt service payments pursuant to the State guarantee(s) made in connection with each GR debt obligation. Appropriations of the maximum annual debt service made for the benefit of GR debt do not lapse for any reason and the appropriations continue in effect until the debt for which such appropriation was authorized has been incurred. The authorization and appropriation of debt service may be repealed provided such repeal occurs prior to the debt being incurred and payment made into the common reserve fund for the highest annual debt service requirement of the debt.
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If the revenue pledged to the payment of the GR debt is not sufficient to meet the debt service requirement and any portion of the debt service payment is required to be made utilizing funds in the common reserve fund, the Constitution mandates that the common reserve fund must be reimbursed from the State's general funds within ten (10) days after the start of the next fiscal year to restore the common reserve fund to the required amount. The requirement to reimburse the common reserve fund for any such payment is subordinate only to the obligation to make sinking fund deposits for the payment of GO debt.
The Constitution requires that the amount to the credit of the common reserve fund must at all times be at least equal to the aggregate highest annual debt service requirements for each outstanding GR bond series; the Constitution also provides that any excess funding in the common reserve fund at fiscal year-end is to be transferred to the State's general fund.
As of June 30, 2024, there was a total of $367.4 million of GR debt outstanding (see Appendix A, page A-2) with a common reserve fund requirement of $25.3 million; all outstanding GR debt was issued by the State Road and Tollway Authority (SRTA). The 2021 GR bonds were issued based on a FY 2022 authorization, of which $199.6 million is remaining. SRTA expects it will issue $110 million of authorization in FY 2025 with the remaining $89.6 million to be issued towards the end of FY 2026/early FY 2027.
The following chart shows the scheduled annual debt service payments for all outstanding GR debt (as of June 30, 2024) through fiscal year 2045. The final payment of $25.2 million for the Series 2021A and 2021B Bonds is scheduled for FY 2052. The chart also shows the required highest annual debt service amount for the guaranteed debt common reserve fund, which has an annual average of $25.3 million for fiscal years 2025 through 2052.
Guaranteed Revenue Bonds Debt Service as of June 30, 2024
30
25
20
15
10
5
0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
SRTA Series 2021A and 2021B Guaranteed Debt Common Reserve Requirement
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Millions

Refunding Opportunities
To ensure that the debt service on the State's outstanding debt is minimized, the Commission continuously monitors market conditions to determine if any outstanding debt could be refunded and thereby reduce future debt service payments. Refunding bond issues must comply with the requirements of the Constitution and the Commission's official policies which include: refunding debt may not extend the term beyond the term of the refunded debt; refunding debt may not increase debt service in any fiscal year; refunding debt should produce minimum present value debt service savings of 3% for a current refunding or 4% minimum present value debt service savings for an advance refunding. (Note: the terms "current refunding" and "advance refunding" are references to specific federal tax law definitions for two different refunding structures; current refundings can be federally tax-exempt; however, advance refundings are prohibited from tax-exempt issuances under the current federal tax regulations.) The minimum present value percentages can be waived should the Commission deem that to be appropriate for the circumstances. Since FY 2005, refunding transactions have generated a total of over $716.5 million in total cash flow savings to the State's General Obligation Debt Service Sinking Fund.
Authority Debt
Certain state authorities are authorized by statute to issue revenue bonds for various revenueproducing undertakings. Since such revenue debt incurred by state authorities is typically not tax-supported and there is no State guarantee regarding payment of the debt service (except in the case of the previously described GR debt obligations), the issuance of such debt by state authorities does not directly impact the State's debt burden or debt capacity. Unless specifically exempted by its statute, Commission approval is required before any authority debt can be incurred, including any line(s) of credit for operating cash flow purposes. Following is a brief summary of those state authorities which have revenue bonds or other debt obligations currently outstanding. Unless noted otherwise, all figures are as of June 30, 2024, with the outstanding amounts updated as of December 31, 2024. (See Appendix B for authority debt service schedules as of June 30, 2024.)
The Georgia Higher Education Facilities Authority (GHEFA) is authorized to incur debt to finance self-liquidating capital projects for higher education; GHEFA is authorized by statute to have outstanding at any point in time a maximum debt of $500 million. GHEFA issued revenue bonds in 2008, 2009, and 2010 which financed a total of eighteen projects at thirteen separate USG institutions; all of the original bonds have been subsequently refunded or defeased and only the three series of refunding bonds issued in 2015, 2019, and 2020 currently are outstanding. As of June 30, 2024, the aggregate principal amount of outstanding GHEFA bonds was just under $157.2 million - no additional bonds matured between then and December 31, 2024 and thus the balance outstanding remained the same.
The Georgia Housing and Finance Authority (GHFA) is authorized to issue bonds and notes for the purpose of facilitating economic development including the underwriting or purchase of single-family residential mortgages; the improvement of public health, safety, and welfare; and for other public purposes, including healthcare services. By statute, GHFA may have a maximum aggregate amount of bonds and notes outstanding at any point in time of $3 billion for GHFA's single-family residential housing program,
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excluding refunding bonds and notes. As of June 30, 2024, GHFA had approximately $1.5 billion bonds outstanding, all of which were for its single-family residential housing program. With the issuance of new bonds, along with principal redemptions during the second half of the calendar year, GHFA's total debt outstanding increased to $1.8 billion as of December 31, 2024. In August 2024 GHFA received Commission approval to issue up to $500 million in aggregate principal of single-family mortgage revenue bonds during calendar year 2025.
The Lake Lanier Islands Development Authority (LLIDA) is authorized to issue revenue bonds and borrow money (no debt limit is specified in the LLIDA Act) for the purpose of improving, developing, and promoting the islands in Lake Lanier as a recreational and convention location. In 2008, LLIDA issued $10 million revenue bonds for roadway and other capital improvements; it also borrowed approximately $15.1 million from Georgia Environmental Financing Authority (GEFA) to make improvements to its sewerage system (the interest rate on the 2008 GEFA loan was reduced in 2019). In November 2021, GEFA and LLIDA entered into an agreement for GEFA to provide funding for a sewer force-main improvement project; monthly payments on the $3.7 million project began in fiscal year 2024 and are scheduled until June 1, 2043. As of June 30, 2024, LLIDA had a combined total of approximately $9.07 million principal outstanding; as of December 31, 2024, scheduled principal payments reduced the outstanding balance to approximately $8.05 million.
The Georgia Ports Authority (GPA) is authorized to incur debt for projects which are self-liquidating; there is no specified limit as to the total amount of debt GPA is permitted to incur. In November 2021 GPA issued revenue bonds in the amount of $427.04 million for the purpose of funding improvements and expansions at the Port of Savannah. In August 2022, GPA issued an additional $755 million in revenue bonds which funded approximately $850 million of additional projects at the Port of Savannah. As of June 30, 2024, GPA had approximately $1.2 billion of total revenue bonds outstanding. The aggregate amount of GPA revenue bonds outstanding as of December 31, 2024 was reduced to $1.1 billion by the $17.2 million principal payment made in July 2024.
The State Road and Tollway Authority (SRTA) is authorized to issue revenue bonds (no debt limit is specified in the SRTA Act) for self-liquidating land public transportation systems (roads, bridges, etc.) and projects. As of June 30, 2024, the aggregate amount of SRTA bonds outstanding was approximately $742.5 million, consisting of both GR Bonds and GARVEE Bonds as described below.
Guaranteed Revenue Bonds. As of June 30, 2024 SRTA has $367.4 million of Series 2021 GR bonds outstanding. These bonds were issued from the $567 million authorized by the General Assembly in the FY 2022 appropriations bill, leaving a remaining balance of $199.6 million. SRTA is currently estimating issuing $110 million in the second half of FY 2025, with the remaining balance expected to be issued in the future, potentially late FY 2026 or FY 2027. As none of SRTA's currently outstanding bonds mature prior to FY 2031, the outstanding amount of GR bonds remains $367.4 million as of December 31, 2024.
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Grant Anticipation Revenue Vehicle (GARVEE) Bonds. As of June 30, 2024, SRTA had an aggregate outstanding amount of GARVEE bonds (described in more detail in the following GARVEE Bonds section) of $375.1 million. There were no scheduled payments of principal between June 30, 2024 and December 31, 2024; therefore, the aggregate amount of outstanding GARVEE bonds remains $375.1 million as of December 31, 2024. SRTA currently does not anticipate issuing additional GARVEE bonds during the Plan period.
Public-Private Partnership (P3) Obligations. SRTA is authorized to enter into P3 contracts to fund transportation projects for the State. These obligations are not included in the debt service coverage ratio as defined by the Constitution, but the rating agencies may incorporate outstanding obligations related to P3 transactions in their calculations of total net tax-supported debt. As discussed on page 22, Moody's inclusion of P3 debt is based on the higher of the liability in the government's financial statement or the size of the government's termination payment obligation. As of June 30, 2024, the outstanding amount for SRTA's P3 obligations was approximately $603.8 million (for the I-285 at SR 400 project and the I-285/I-20 East Interchange project); payments are secured by state motor fuel tax revenues. Amounts related to P3 transactions are not included in the schedules in Appendix B.
SRTA and GDOT are currently working on a much larger P3 transaction to fund the SR 400 Express Lanes project; this project is one of GDOT's initial Major Mobility Investment program projects, and will be supported by toll revenues and delivered as a revenue risk, design build finance operate and maintain P3 contract with a 50-year operations and maintenance term. Developer selection was announced on August 15, 2024, commercial close occurred on November 13, 2024, and financial close is planned for August 2025.
The I-285/I-20 West Interchange project is also underway, and reached financial close on December 5, 2024. Approved Project Certifications will be issued to fund the $1.25 billion design build finance P3 contract.
The Georgia World Congress Center Authority (GWCCA) is authorized by statute to have outstanding no more than $500 million revenue bonds at any time for multipurpose stadiums and coliseums and certain ancillary facilities. In April 2021, GWCCA issued a total of $439.6 million in Convention Center Hotel Revenue Bonds to finance the development of a new Authority-owned hotel with additional convention facilities on GWCCA property adjoining its multi-use stadium facility in Atlanta. As none of GWCCA's currently outstanding bonds mature prior to FY 2027, the outstanding amount remains $439.6 million as of December 31, 2024.
GARVEE Debt
In 2006, SRTA established a structure for the GARVEE bonds as consisting of two separate series, one described as Federal Highway Grant Anticipation Revenue Bonds and the other described as Federal Highway Reimbursement Revenue Bonds at an 80/20 ratio, respectively, with a final maturity of approximately 12 years from the date issued. The master trust indenture for the GARVEE bonds established an additional bonds test requiring that the amount of Federal
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Obligation Authority available must be equal to at least 3.0 times the maximum annual debt service on all outstanding and any proposed GARVEE debt when the proposed bonds are to be issued on parity with the outstanding debt. SRTA's GARVEE bonds are secured solely from federal highway grant revenues and reimbursements and they do not have any legal claim to the full faith and credit of the State; thus, they are not GO debt nor GR debt of the State and are not included in the debt service coverage ratio as defined by the Constitution. As of December 31, 2024, there was an aggregate of $375.1 million GARVEE bonds outstanding.
The following table summarizes the debt service requirements on the outstanding GARVEE bonds, the most recent Projected Federal Obligation Authority available for debt service, and the resulting debt service coverage factors. Estimated federal reimbursements are also reflected below; these amounts reflect anticipated increased spending.

$ - Millions
Debt Service Requirements Outstanding Debt
Projected Federal Obligation Authority
Debt Service Coverage (Debt Service as a % of Projected Federal Obligation Authority)
Estimated Federal Reimbursements

FY 2025 FY 2026 FY 2027 FY 2028 FY 2029

$60.4

$60.4

$60.4

$60.4

$60.4

$1,513.4 $1,521.0 $1,536.2 $1,551.5 $1,567.1

25.1x

25.2x

25.4x

25.7x

25.9x

$2,048.4 $2,171.3 $2,301.6 $2,439.7 $2,586.0

With respect to calculations of net tax-supported debt, both Moody's and Fitch include GARVEE debt (with a corresponding allowance granted for the federal revenue sources which support the debt) in their calculations. As shown above, estimated total federal reimbursements (which are used in the calculation of annual debt service to prior year revenues) are expected to be higher than projected federal obligation authority. The ratio of debt service requirements to the prior year's State treasury receipts plus federal reimbursements is projected at 3.4% in FY 2025, 3.2% in FY 2026, 3.3% in FY 2027 3.4% in FY 2028, and 3.4% in FY 2029.

OTHER LONG-TERM OBLIGATIONS
Multiyear Contracts for Energy Efficiency Projects
In November 2010, an amendment to the Constitution to provide for multiyear contracts for energy efficiency or conservation improvement projects (the 2010 Amendment) was approved by the electorate of the State. The 2010 Amendment allowed the General Assembly, through adoption of general law (2010 General Assembly Senate Bill 194, effective January 1, 2011), to authorize state governmental entities to incur debt for the purpose of entering into multiyear contracts for governmental energy efficiency or conservation improvement projects in which the vendors guarantee that debt service payments for the energy efficiency improvements will be offset fully by specified savings or revenue gains attributable solely to the improvements. Senate Bill 194 also required the Commission to adopt fiscal policies and establish a total multiyear contract value for such contracts and further provided any contract entered into by a state agency not in compliance with the policies and multiyear contract value authority set by the Commission
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would be void and of no effect. A total of $79.9 million in contracts have been executed, with the last debt service payment due in fiscal year 2033. During the Commission's June 2024 Board meeting, GWCCA was approved to execute up to $25.7 million in new energy efficiency contracts prior to the end of FY 2026.
While the debt service amount is not required to be included in the calculation of the debt service ratio previously discussed in the Plan, and it is neither GO debt nor GR debt of the State, the Commission has determined to make such calculations to ensure that conservative debt affordability standards are maintained for all State debt. The energy conservation project multiyear contracts are recorded as Notes Payable on the financial statements of the State.
Multiyear Contracts for Real Property Leases
In November 2012, an amendment to the Constitution to provide for multiyear rental agreements for real property was approved by the electorate of the State. This amendment allowed the General Assembly, through adoption of general law (2012 General Assembly Senate Bill 37, effective January 1, 2013), to authorize certain State agencies - the State Properties Commission (SPC) and the Board of Regents (BOR) - to enter into multiyear rental agreements, without obligating funds for the total amount of the obligation that the State will bear under the full term of such agreements, provided the Commission has adopted fiscal policies and established total multiyear contract value authority for the current and future fiscal years. The Commission adopted the requisite fiscal policies at its December 12, 2012 meeting. Although the debt service amount for the multiyear rental agreement contract value authority is not required to be included in the calculation of the debt service ratio previously discussed in the Plan, nor can it be construed as general obligation debt or guaranteed revenue debt of the State, the Commission has determined to make such calculations to ensure that conservative debt affordability standards are maintained. Various accounting rules and standards dictate that the multiyear real property rental agreements are considered leases on the financial statements of the State (see "Leases" below).
Through FY 2024 SPC and BOR had closed on an aggregate of approximately $1.1 billion of multiyear rental agreements per authorizations approved by the Commission. For BOR, the Commission authorized $10 million of multiyear contract value authority for FY 2025, although BOR had not closed on any new leases as of December 31, 2024. SPC received Commission approval in January 2024 for up to $85 million of multiyear contract value authority for FY 2025; as of December 31, 2024 SPC has executed 12 multiyear leases.
Leases
The State routinely acquires use of real property and equipment through leases (including the multiyear contracts for energy projects and real property leases as described above). Many of these agreements contain fiscal funding clauses in accordance with O.C.G.A. 50-5-64 which prohibits the creation of a debt to the State for the payment of any sums under such agreements beyond the fiscal year of execution, or on a current year basis in the years subsequent to the initial fiscal year of execution, if appropriated funds are not available. Although these leases do not directly impact the calculation of the debt service ratio as defined by the State Constitution, they are considered by the rating agencies as tax-supported debt and are included in the rating agencies' calculations. For additional information regarding leases, see the State's audited
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Annual Comprehensive Financial Report, available on the State Accounting Office's website at www.sao.georgia.gov.
In some instances, the lessor obtained acquisition and/or renovation financing for the property being leased by the State via a funding process which involved the issuance of revenue bonds by a local city or county government or local development authority (the proceeds then are loaned to the lessor for the acquisition and/or renovations and the state agency leases the property on an annually renewable basis). When this is the case (for example, the highly specialized archives storage facility originally developed for the Secretary of State which since has been transferred to the BOR), the rating agencies have indicated that despite the legal ability of the State to not renew a lease in a subsequent fiscal year, a non-appropriation of the lease payment in any year during the term of the bond issue would be viewed as an adverse credit event for the State. Numerous and consistent communications from the rating agencies have affirmed that such an event of non-appropriation likely would jeopardize the State's triple-A credit ratings as being indicative of either an unwillingness, or inability, of the State to continue the lease and thus fulfill its credit obligations. While these obligations are not legally equivalent to the debt service payment obligations for general obligation debt or guaranteed revenue debt, the annual payments essentially become a de facto fixed payment obligation which has the practical effect of binding the State to make these lease payments for the entire term of the lease, thus slightly reducing the future financial flexibility of the State.
Public University Foundation Debt
According to the BOR's Finance Office, as of June 30, 2024 the total outstanding principal amount of bonds and leases which financed USG facilities through the system's Public Private Ventures Program totaled approximately $2.4 billion. This amount includes bonds issued by local authorities, bonds issued by GHEFA (as previously discussed herein), loans from the United States Department of Agriculture, and multiyear contracts for real property leases. Proceeds of these transactions have been used to construct, renovate and/or rehabilitate, or acquire various types of projects at the colleges and universities, such as student housing, dining, research facilities, faculty and administrative office buildings, parking, and student activity facilities, which then are leased by the foundation or cooperative organization to the BOR on an annually renewable basis. Most of the projects generate revenues (such as housing fees), or the BOR has instituted dedicated student fees (such as student activity or parking fees), which provide revenues to support the annual lease payment; upon renewal of the lease each fiscal year, the lease payment obligation becomes a legal and binding obligation of the BOR for that fiscal year and thus is secured by the entirety of the legally available financial resources of the BOR. These obligations are included on the financial statements of the various USG institutions, the USG, and the State; additional information may be obtained from those documents.
Retirement Systems and Other Post-Employment Benefits (OPEB)
Pension and OPEB liabilities do not directly impact the calculation of the State's debt service ratio as defined by the Constitution, but they do represent significant ongoing financial commitments which could affect both the current and future financial flexibility of the State. Also, the rating agencies view these liabilities as long-term tax-supported debt and include their own adjusted calculations in various calculations of tax-supported debt as an indicator of financial flexibility of the State and as comparative metrics among the states. The State has two
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primary pension systems (Employees' Retirement System and Teachers Retirement System); as part of its conservative debt management policies, the State fully funds the actuarially determined contributions. For a more complete description and discussion of these liabilities, which involve extremely complex actuarial calculations unique to each pension/OPEB plan and assumptions regarding investment returns of the various pension and OPEB funds, see notes 15, 16, and 17 of the State's Annual Comprehensive Financial Report which is available via the State Accounting Office's website at www.sao.georgia.gov. The calculations shown in the latter sections of the Plan currently do not include the pension or OPEB liabilities for the State or the comparison states.
DEBT STRUCTURE
State debt may be issued with fixed interest rates or with a rate structure which can vary according to a prescribed methodology, generally known as variable rate debt. The use of variable rate debt introduces an element of interest rate risk and the potential of increased debt service payments during the period of time the variable rate debt is outstanding. During FY 2017 the State refunded all of its outstanding variable rate general obligation debt with fixed interest rate debt and no other variable rate debt has been issued since that time. There currently are no plans for considering the use of new variable rate debt during the period covered by the Plan.
Generally, the State's objective for each new GO and GR bond issue is to structure the issue with approximately level annual debt service payments corresponding with the term of, and debt service appropriation for, the authorized debt being funded by that issue. Should any variable rate debt be considered in the future, the maximum allowed interest rate would be utilized to develop a level annual debt service schedule incorporating serialized annual principal maturities and/or term bonds structured with annual mandatory redemptions for that debt.
To ensure the Plan provides sufficient debt service for future new issues of GO and GR bonds, the maximum interest rates reflect 6.25% for 5-year tax-exempt debt, 8.00% for 5-year taxable debt, 6.75% for 20-year tax-exempt debt, and 8.5% for 20-year taxable debt. Also, it has been assumed the bonds will be issued near or at par rather than including significant original issue premium as has been the case for the last several years.
DEBT AFFORDABILITY
The Plan is intended to ensure an acceptable balance is maintained between the provision of capital projects required to meet the State's future needs and the impact of additional debt service on future budget capacity. Through the establishment of reasonable target levels based on the State's expected population growth and per capita income projections balanced with the financial resources available to meet its debt obligations, the Plan provides assurance the authorization of additional debt by the General Assembly is at prudent levels which would not be expected to jeopardize the State's triple-A bond ratings.
There is no specific formula, however, for determining the maximum amount of debt which can be issued by the State in any particular year to accomplish these objectives. Many factors must be considered, including: balancing the State's current and projected operating budget for funding both ongoing and new program requirements, current year and subsequent year projected
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revenues, available fund balances, and an overall plan for managing the operating budget in balance with the need for capital project investments. The Plan incorporates the concept of debt affordability in determining an acceptable amount of tax-supported debt the State can issue. Also, any model for determining debt affordability is dependent upon the reasonableness and ultimately the degree of accuracy of economic forecasts and the projected impact on the State's total financial resources. Since FY 2006, the Commission's debt management plan has utilized a more conservative 7% cap (8% including GARVEE debt) for the debt service ratio, rather than the 10% maximum as specified by the Constitution.
Rating Agency Considerations
Due to the economic and financial diversity among the 50 states, many purchasers of governmental bonds historically have relied heavily on the major rating agencies' analysis of the factors affecting each borrower's ability to meet its debt obligations as reflected by the ratings and outlooks on those obligations. Each issuer's rating and outlook has a significant effect on the marketability of its bonds and the interest rates necessary to generate investor demand for the issuer's debt obligations. The states whose GO bonds are rated triple-A generally can sell those bonds at the lowest possible interest rates at any given point in time.
Another benefit of triple-A ratings was demonstrated during the credit market disruptions of late 2008 and early 2009 when higher rated issuers were able to access the credit market sooner and in larger amounts than was the case for lower rated issuers. (For some of the referenced time period, credit market access was severely curtailed to almost nonexistent and a functional credit market was restored only in a gradual manner over several months.) A somewhat similar situation, though less severe and shorter in duration than in 2008-2009, occurred in the late first and second quarters of calendar year 2021 due to market volatility stemming from the impact of COVID-19 on economic activity in the State of Georgia, the U.S., and internationally. The highest rated issuers, including the State of Georgia, were among the earliest issuers to regain access to the market, particularly with respect to larger issue sizes such as the State typically brings to market.
Rating agencies consider and incorporate trends relating to an issuer's overall debt and liability burden, revenue base, fund balances, and general economic base into their rating decisions, as well as a comparison of actual fiscal experience versus budget projections over a three- to five-year period. While specific rating criteria and weightings do vary slightly between the three rating agencies, the rating analysis generally incorporates four primary fiscal factors:
debt burden as measured by ratios, quality and strength of the state's economic base, fiscal management, and actual financial performance versus projections.
The amount of an issuer's tax-supported debt is a very important factor in the determination of its credit rating. Credit analysts usually calculate several ratios, including those which are discussed in greater detail in a later section of the Plan, to measure the issuer's debt burden. Credit analysts also look for balance, diversity, and growth potential of the economic base, as well as the primary sources of revenue to generate sufficient revenues to consistently meet operating program needs as well as repay all debt obligations this is what the rating agencies
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generally refer to as "structural balance". Those issuers which demonstrate structural balance over both good times and bad times generally receive higher ratings than issuers which do not maintain structural balance during the bad times, or issuers which fail to regain structural balance within a reasonable period of time after major adverse events such as economic recessions or disasters such as hurricanes, tornados, significant wildfires, floods, or extreme blizzards.
When analyzing an issuer's fiscal management practices, credit analysts also compare fiscal results with budgets and plans. Over time, such comparisons tend to serve as a good indicator of the effectiveness and quality of fiscal management by the issuer. Another criterion of sound fiscal management is the existence of laws, policies, and procedures which allow an issuer to exercise strong, but reasonable and flexible, control over its sources and timing of revenues, expenditures, and debt issuance. Issuers which do not have such control, or which frequently must use one-time measures to maintain budgetary balance, are not considered to be wellmanaged fiscally.
Actual financial performance is a result of both the quality of a state's fiscal management and general economic performance of the local economy. One indicator of financial performance is an issuer's ability to adjust to revenue shortfalls due to unexpected economic downturns, or downturns that are much more severe or longer than initial expectations, such as occurred during the 2007-2009 recession and the very slow, long, and shallow recovery which followed.
Another gauge of an issuer's fiscal management and financial performance is its ability to establish and maintain reasonable levels of reserves for cushioning the effects of unexpected adverse economic events, and then its ability to rebuild those reserves in a timely manner subsequent to their use in preparation for future downturns in the economy. The State often is cited by the rating agencies as using its Revenue Shortfall Reserve appropriately building it up during periods of robust economic activity and then judiciously using it during recessions to mitigate even more significant cutbacks in service levels that likely would have been necessary without those reserve resources.
To illustrate how these various factors affect the State's general obligation bond rating, recent rating credit reports highlight the following strengths:
Moody's Investors Service: o Moody's Analytics ranks Georgia among the top fifteen states for forecasted employment growth over the next three years, driven by strong demographics and a diverse industrial mix. o Available fund balance and unrestricted cash across governmental funds will remain strong, providing an ample buffer in case of an economic shock or revenue decline. o Georgia's total leverage from debt, pension, OPEB and other long-term liabilities will remain low given manageable additional borrowing compared to revenue growth and a pension burden that is roughly half of the median for US states. o The state's debt policy is conservative, limiting debt service to 7% of the prior year's revenue (8% include GARVEEs), a more restrictive policy than the 10% limit imposed by the state constitution. o Georgia's fiscal governance framework and financial management practices are stronger than most states.
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S&P Global Ratings: o The `AAA' GO rating reflects our view of Georgia's: Very strong governmental framework, with the authority and a demonstrated willingness to make politically difficult decisions to align expenditures with revenue projections. Very strong financial and budgetary management, with well embedded, and likely sustainable processes for monitoring performance and planning for future needs. Large and diverse economic base, benefiting from favorable population growth trends that we expect will continue to outperform the nation, paired with robust private sector investments and large-scale infrastructure developments that we believe will position the state for future economic growth. Generally strong budgetary performance, and our expectation that the state will maintain reserves and liquidity to mitigate potential near-term budgetary pressures. Adequate pension funding discipline and a combined pension funding level, which we consider relatively low compared with peers, although this is partly offset by the state's moderate-to-low debt burden. The state will use available cash to fund capital improvements for fiscal 2025, and when coupled with rapid debt amortization of existing debt, we believe this will likely support stability or modest improvement of the state's debt metrics over the near-term. o Georgia's GO bonds are eligible to be rated above the sovereign [U.S.] because we believe the state can maintain better credit characteristics than the U.S. in a stress scenario.
FitchRatings: o Georgia's `AAA' Issuer Default Rating (IDR), GO and guaranteed revenue bond ratings reflect the state's proven willingness and ability to maintain fiscal balance and a broad-based, growth-oriented economy that supports solid revenue gains over time. o Georgia's economic base is diverse and similar to that of the nation, although wealth indicators are below average. Growth in population and jobs has outpaced the nation over several decades, driving steady economic gains and providing a solid foundation for future growth. o Georgia's revenues, primarily comprising income and sales taxes, will continue to reflect the breadth of the economy and its solid long-term growth potential. o Georgia's long-term liability burden is low and overall debt management is conservative. o The state is well positioned to deal with economic downturns with exceptionally strong gap-closing capacity, due to its broad control over revenues and spending, coupled with prudent reserve-building practices. Georgia has a track record of restoring financial flexibility during economic expansions, which is important given its above average revenue volatility, as indicated by the Fitch Analytical Stress Test (FAST) model. o Georgia's major pension systems covering both state employees and teachers have benefited from consistent full actuarial contributions.
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Maintaining triple-A ratings requires continued attention to debt and liability management and strong financial condition and commitment to conservative fiscal governance. The Plan contained herein adheres to the State's ongoing overall conservative fiscal management approach in support of those highest credit ratings; however, some factors that could lead to a downgrade as cited in the most recent rating reports include:
o A materially diminished financial position. o Growth in long-term liabilities and fixed costs that outpace expansion of the state's
economy and revenue base. o A departure from strong fiscal management and governance practices. o Significant financial pressures that could cause out-year gaps to form and result in a
substantial and sustained spend down of reserves and liquidity to levels that no longer is commensurate with peers. o Sustained and unanticipated growth in carrying costs for debt and retirement liabilities toward or above 10% of total spending, signaling more restricted expenditure flexibility. o Failure to quickly adjust to changing fiscal and economic circumstances and address budgetary challenges, including those resulting from tax policy changes.
Measuring the Debt Burden
When calculating indebtedness, credit analysts use measures which take into account all debt supported, or serviced, by the issuer's sources of revenues, and particularly taxes such as income taxes and sales and use taxes; in most cases the debt being supported or serviced will include not only GO debt, but various leases, GARVEE bonds, and other debt depending upon the legal security and source of payments for the debt service. Such debt is classified as net tax-supported debt. For the State, net tax-supported debt includes all GO debt and GR debt but does not include any revenue bonds not supported by the guarantee of the State. GR debt is included in the calculation of net tax-supported debt because the guarantee is related to all revenues of the State and not just project revenues. Except for the GARVEE bonds as noted above, revenue bonds issued by an instrumentality of the State which do not carry the State's explicit guarantee are typically not included in the calculation of the State's net tax-supported debt. As described earlier in the Plan, the issuance of revenue bonds by State authorities requires prior approval by the Commission; such approval is granted only after careful evaluation of the dedicated revenue stream that provides the security for these issues, as well as other pertinent factors. As Authority revenues, these revenues are not included in the State's general treasury revenues and thus can be pledged to the repayment of the debt pursuant to the enabling legislation for the Authority.
The table on the following page summarizes the State's issued principal amounts for new projects and the outstanding principal amounts as of December 31, 2024. Additionally, there is $384.4 million in authorized GO debt and $199.6 million in authorized GR debt which has not been incurred. Further borrowing to fund capital projects is not anticipated until FY 2027.
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General Obligation Debt Guaranteed Revenue Debt Total State Obligations

Total Principal Issued $ 32,517,900,000
1,220,095,000 $ 33,737,995,000

Outstanding Principal

$

8,566,445,000

367,380,000

$

8,933,825,000

The debt ratios described in the following table are used by the State to measure debt burden. The debt amounts projected in the Plan reflect reasonable amounts and peer-group comparable levels to help maintain triple-A credit ratings, as well as ensuring that the State remains below the maximum allowable debt limits approved by the Commission.

Debt Ratios
Debt per Capita Debt as Percent of Personal Income Debt Service Ratio

How Debt Ratio is Calculated
Net Tax-supported Debt / State Population Net Tax-supported Debt / Total Personal Income of the State's Population Annual Debt Service Requirement / Prior Year State Treasury Receipts

Maximum Limits
(without GARVEEs)

Maximum Limits
(with GARVEEs)

$1,200

$1,500

3.50%

4.00%

7.00%

8.00%

Comparison of Debt Burden to Other Triple-A States
Georgia is one of fifteen states currently rated triple-A by all three of the three major rating agencies; however, only the twelve states shown in the following table are active issuers of general obligation debt (the states not included in the table are Indiana, Iowa, and South Dakota). As of the date of this plan, no state which has triple-triple-A ratings currently has a negative outlook on any of its ratings. To assess the reasonableness of its target debt ratios for the Plan, Georgia compares its ratios to those of this peer group.
The table on the following page presents the fiscal year 2023 net tax-supported debt metrics for the twelve triple triple-A states, as well as comparisons to the 50-state median and average results, as reported by Moody's. Moody's net tax-supported debt for the State includes GARVEEs, P3 debt obligations, leases as reported in the State's Annual Comprehensive Report, and the Development Authority of Clayton County revenue bonds issued in 2012 for the State Archives Building. Moody's debt calculations are based on information reported in each state's fiscal year 2023 financial statements.

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Fiscal Year 2023 State Net Tax-Supported Debt (NTSD) Metrics

States with Triple-Triple-A
Ratings

FY 2023
Rank
(Among all Amount 50 states) ($ Billions)

As % of Own Source
Revenue

Per Capita

FY 2023

Implied Debt

As % of As % of Service as % of

Personal state Own Source

Income GDP

Revenue

Maryland

7

18.2

52.8% 2,952 3.9% 3.5%

3.9%

Delaware

8

4.7

52.8% 4,526 6.8% 4.8%

3.4%

Virginia

15

17.7

43.6% 2,035 2.8% 2.5%

3.0%

Ohio

17

18.4

42.1% 1,558 2.5% 2.1%

3.1%

Georgia

20

12.1

32.3% 1,100 1.8% 1.5%

2.3%

Minnesota

26

8.9

23.1% 1,542 2.1% 1.8%

1.8%

Florida

29

16.1

21.6%

711 1.0% 1.0%

1.4%

Texas

32

20.0

17.7%

654 1.0% 0.8%

1.3%

North Carolina

33

6.9

16.1%

635 1.0% 0.9%

1.2%

Utah

35

2.4

14.8%

693 1.1% 0.8%

1.2%

Missouri

37

2.5

13.0%

397 0.6% 0.6%

0.9%

Tennessee

47

Triple-A Average

--

Triple-A Median

--

50-State Average

--

50-State Median

--

1.9

6.5%

271 0.4% 0.4%

0.5%

10.8

28.0% 1,423 2.1% 1.7%

2.0%

10.5

22.4%

906 1.5% 1.3%

1.6%

12.3

31.2% 1,807 2.6% 2.2%

2.2%

5.1

23.7% 1,189 2.0% 1.8%

1.7%

Compiled from Moody's October 7, 2024 State Sector Debt Report

As shown above, Moody's State Sector Debt Report also provides "implied debt service" information which represents a state's annual cost to amortize the state's net tax-supported debt over 20 years with level payments. At 2.3%, Georgia's implied debt service as a percentage of own source revenues is considered moderate and slightly higher than both the triple-A average and triple-A median. This likely is the case in large part because unlike most other states, Georgia devotes a substantial portion of its debt capacity each year to providing significant levels of State bond-funded capital outlay grant funds to K-12 public school systems throughout the State. Furthermore, even for those states which have a similar public educational facilities funding program, most are not as comprehensive in scope as Georgia's program. (As previously shown within the Plan, in recent years 27% of net authorizations has been for K-12 educational facilities.) Another likely factor is that Georgia has been one the fastest growing states for the last several decades and has devoted substantial State bond-funded capital outlay funding to various infrastructure projects in order to meet the increasing needs resulting from the population growth and also to remain economically competitive with other states.

S&P Global Ratings and FitchRatings also publish annual state debt metrics ranking reports. Fitch's "2024 State Liability Report" dated November 20, 2024 noted that carrying costs for long-term liabilities, including debt service, actuarial determined contributions for pensions and actual contributions for other post-employment benefits were largely consistent with historical trends. The report also stated that the median ratio of direct debt to personal income measured

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only 1.8%, below the 2% level in fiscal 2022. Georgia's measurement of 1.8% is the same as the median. S&P Global Ratings' report dated October 23, 2024 noted that U.S. state tax-supported debt levels remained relatively flat in fiscal 2023 compared with 2022, declining a modest 1.3%. The decline is attributed to a combination of factors, including elevated borrowing costs and inflation-induced cost pressures, record-high liquidity levels due to large budget surpluses, and substantial COVID-19 relief stimulus, making pay-as-you-go funding of capital expenditures a more attractive alternative to debt financing.
Debt Issuance Projections
As shown in the following table, no new GO debt is projected to be issued during FY 2025 and FY 2026, leaving $384.4 million of debt authorizations to be carried forward. The Plan currently projects those carry forward amounts to be issued in FY 2027; actual issuance amounts may differ from projected amounts. New GO debt authorizations for FY 2027 through FY 2029 are projected at $900 million annually. Future debt is expected to be structured to achieve approximately level debt service each fiscal year for the term authorized and to be within the maximum amounts appropriated for debt service. Projected issuances and projected redemptions result in a lower debt outstanding balance at the end of FY 2029, as compared to beginning FY 2025.

Combined General Obligation and Guaranteed Revenue Debt (in millions)

FY 2025 FY 2026 FY 2027 FY 2028 FY 2029

Debt Outstanding at Beginning of Fiscal Year $ 9,594 $ 8,767 $ 8,044 $ 8,551 $ 8,667

Carry Over of Prior Year GO Authorizations
New GO Authorizations

384

900

900

900

Total Projected Issuances

1,284

900

900

GR Bond Issuances

110

90

Payments, Redemptions, Other

(937)

(812)

(778)

(784)

(834)

Debt Outstanding at End

of Fiscal Year

$ 8,767 $ 8,044 $ 8,551 $ 8,667 $ 8,732

Highest Annual Debt Service

$ 1,289 $ 1,198 $ 1,240 $ 1,262 $ 1,336

State Treasury Receipts $ 37,464 $ 37,711 $ 37,116 $ 38,428 $ 39,800

Debt Service Ratio (to Prior Year Receipts)

3.4%

3.2%

3.3%

3.4%

3.5%

Using cash appropriations for capital needs in lieu of issuing GO debt also results in record low projected debt service ratios. Each of the ratios used to help measure debt burden are shown in the following table.

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Debt Ratios for General Obligation Bonds and Guaranteed Revenue Bonds

Fiscal Year Ended June 30 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Debt Outstanding ($ millions) $ 9,551.6
9,691.6 10,203.5 9,924.3 9,593.9 8,766.8 8,044.2 8,551.0 8,667.2 8,732.7

Debt per Capita
892 897 935 900 858 778 707 744 747 745

Debt to Personal Income
1.7% 1.6 1.6 1.5 1.4 1.2 1.0 1.1 1.0 1.0

Debt Retired in 5 Years
42% 41 40 40 41 42 44 42 43 42

Debt Retired in 10 Years
73% 72 69 69 70 73 76 71 70 70

Debt Service Ratio
4.9% 4.7 4.1 3.7 3.5 3.4 3.2 3.3 3.4 3.5

Note: Ratios are based on most recent personal income and population data available. FY 2025 - FY 2029 amounts are based on projections.

Credit analysts also examine how fast the debt is being repaid by calculating how much, in percentage terms, of the issuer's total long-term debt is retired after 5 and 10 years. Analysts generally use a standard for this measure of 25 percent retired in 5 years and 50 percent retired in 10 years as being more favorable than slower debt amortizations. As shown above, the percent of debt to be retired in 5 years and in 10 years is projected to remain at levels generally viewed as favorable by the rating agencies.
The debt service ratio (annual debt service as percent of prior year state treasury receipts) is significantly impacted by changes in revenue collections. The eighteen month long financial crisis recession which began in 2007 and ended in mid-2009 was quite severe and the ensuing exceptionally slower than normal economic recovery which followed resulted in dramatically reduced state treasury receipts which were very slow to recover to previous levels. As a result, the debt service ratio in FY 2011 peaked at 8.1% compared to FY 2010 state treasury receipts, and has improved in each year since then. The COVID-19 recession of 2020 provided much uncertainty; however, was considerably shorter at only two months long with the subsequent economic recovery resulting in actual revenues exceeding the conservative State revenue estimates by considerable amounts for the most recent completed four fiscal years (FY 2021 through FY 2024). At the end of FY 2024 the debt service ratio using FY 2023 revenues was at a record low of 3.5%, and is projected to remain low throughout the Plan period as reflected in the chart on the following page.

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4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000
500 0

Fiscal Year Highest Annual Debt Service Requirements (with Percentage of Prior Year State Treasury Receipts)
Projected
8.1% 7.0% 6.7% 6.3% 6.3% 6.0% 5.5% 5.5% 5.1% 4.9% 4.7% 4.1% 3.7% 3.5% 3.4% 3.2% 3.3% 3.4% 3.5%

Millions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Highest Annual Debt Service

10% Constitutional Limit

7% Commission Limit

Economic and Demographic Projections
The Governor's Office of Planning and Budget and the State economist provides projections of Treasury Receipts, personal income, and population. These projections are summarized in the following table.

Economic and Demographic Projections

Treasury Receipts Fiscal Year (billions)

Year over Personal Year over

Year

Income

Year Population

Growth (billions) Growth (millions)

2025 $ 37.464 (2.0%) $ 734 4.8%

11.270

2026

37.711 0.7

771 4.9

11.386

2027

37.116 (1.6)

806 4.6

11.499

2028

38.428 3.5

842 4.4

11.610

2029

39.800 3.6

882 4.8

11.718

Year over Year
Growth
0.8%
1.0
1.0
1.0
0.9

CONCLUSION
The State's Debt Management Plan supports the State's efforts in preserving its triple-A bond ratings by serving as a guide to help balance the State's need for funding essential capital projects with managing the impact of additional debt service on future budget capacity. As discussed in the Plan, the State has established maximum limits for measuring debt burden and will continue to monitor debt levels so that adjustments may be made to future debt issuances to help maintain conservative ratios.
This year's Plan shows the impact of using cash appropriations in FY 2025 and FY 2026 to fund capital projects in lieu of issuing general obligation bonds. This approach is projected to significantly reduce outstanding debt (outstanding GO and GRB principal of $9.6 billion at June
-25-

30, 2024 is projected to be reduced by over $850 million by the end of FY 2029), will save billions in future debt service costs, and is also projected to result in a record-low debt service ratio of 3.2% in FY 2026.
Following are tables which summarize the assumptions and resulting debt ratios, both with and without inclusion of the GARVEE bonds, based on the currently projected debt issuance schedule. The annual debt service amounts reflect actual debt service for existing debt issued as of December 31, 2024, plus the highest annual debt service for the current authorized but unissued amounts and projected new authorizations. Additional tables in Appendix A and Appendix B present the debt service schedules for outstanding GO bonds, outstanding GR bonds, and outstanding revenue bonds of State authorities.
-26-

Summary of Projected Debt Ratios General Obligation and Guaranteed Revenue Debt

($ - thousands) Principal Outstanding at Beginning of Fiscal Year Issuances of New GO Bond Authorizations Issuances of Prior Year GO Bond Authorizations Issuance of GR Bonds Principal Payments for both GO Bonds and GR Bonds Premium Proceeds from GO Bond Issuances Net Effect of GO Refunding Bonds Other Redemptions Principal Outstanding at End of Fiscal Year

FY 2025

FY 2026

FY 2027

FY 2028

FY 2029

$ 9,593,885 $ 8,766,750 $ 8,044,245 $ 8,550,975 $ 8,667,165

900,000

900,000

900,000

384,440

110,000

89,620

(864,600)

(812,125)

(777,710)

(783,810)

(834,435)

(72,535) $ 8,766,750 $ 8,044,245 $ 8,550,975 $ 8,667,165 $ 8,732,730

State Treasury Receipts ($ millions) Population (millions) Personal Income ($ billions)

37,464 11.270
734

37,711 11.386
771

37,116 11.499
806

38,428 11.610
842

39,800 11.718
882

Ratios for Fiscal Year End Outstanding Principal Debt to Personal Income Debt per Capita

1.2% $778

1.0% $707

1.1% $744

1.0% $747

1.0% $745

Annual Debt Service Ratios* Annual Debt Service - Actual Issuances Guaranteed Revenue Bonds - HADS General Obligation Bonds - HADS (Unissued) Total Highest Annual Debt Service Calculation

$ 1,240,017 $ 1,149,865 $ 1,082,066 $ 993,646 $

13,465

13,465

13,465

13,465

35,065

35,065

144,793

254,521

$ 1,288,547 $ 1,198,395 $ 1,240,324 $ 1,261,632 $

Debt Service to Prior Year Receipts

3.4%

3.2%

3.3%

3.4%

*Highest annual debt service is based on (1) actual annual debt service for debt that has been issued as of 12/31/2024 and (2) highest annual authorized debt service (HADS) for projected issuances based on unissued authorizations.

958,419 13,465 364,249
1,336,133
3.5%

-27-

Summary of Projected Debt Ratios General Obligation, Guaranteed Revenue, and GARVEE Debt

FY 2025

($ thousands)

GO and GR Bonds Principal at Beginning of Fiscal Year $ 9,593,885

GARVEE Bonds Principal at Beginning of Fiscal Year

375,130

Issuances of New and Prior Year GO Bond Authorizations

Issuance of GR Bonds

110,000

Principal Payments: GO and GR Bonds

(864,600)

Principal Payments: GARVEE Bonds

(41,685)

Premium Proceeds from GO Bond Issuances

Net Effect of GO Refunding Bonds and Other Redemptions

(72,535)

Principal Outstanding at End of Fiscal Year

$ 9,100,195

FY 2026
$ 8,766,750 333,445
89,620 (812,125)
(43,770)
$ 8,333,920

FY 2027
$ 8,044,245 289,675
1,284,440
(777,710) (45,955)
$ 8,794,695

FY 2028
$ 8,550,975 243,720 900,000
(783,810) (48,250)
$ 8,862,635

FY 2029
$ 8,667,165 195,470 900,000
(834,435) (50,665)
$ 8,877,535

State Treasury Receipts ($ millions) Estimated Federal Reimbursements ($ millions) Total Revenues ($ millions)

$

37,464 $

37,711 $

37,116 $

38,428 $

39,800

2,048

2,171

2,302

2,440

2,586

$

39,512 $

39,882 $

39,418 $

40,868 $

42,386

Population (millions) Personal Income ($ billions)

11.270 734

11.386 771

11.499 806

11.610 842

11.718 882

Ratios for Fiscal Year End Outstanding Principal Debt to Personal Income Debt per Capita

1.2% $807

1.1% $732

1.1% $765

1.1% $763

1.0% $758

Highest Annual Debt Service Ratios* Highest Annual Debt Service - (GO Bonds and GR Bonds) GARVEE Debt Service - Issuances Debt Service to Prior Year Total Revenues Debt Service to Current Year Total Revenues

$ 1,288,547 $ 1,198,395 $ 1,240,324 $ 1,261,632 $ 1,336,133

60,442

60,442

60,439

60,436

60,439

3.4%

3.2%

3.3%

3.4%

3.4%

3.4%

3.2%

3.3%

3.2%

3.3%

*Projected annual debt service is based on (1) actual debt service for debt that has been issued as of 12/31/2024 and (2) highest annual debt service (HADS) for projected issuances based on unissued authorizations.

-28-

APPENDIX A
STATE OF GEORGIA GENERAL OBLIGATION BONDS
AND GUARANTEED REVENUE BONDS DEBT SERVICE SCHEDULES AS OF JUNE 30, 2024
and AS OF DECEMBER 31, 2024

State of Georgia
General Obligation Bonds Debt Service Schedule As of June 30, 2024

Fiscal Year

2025

$

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044 Total $

Principal 864,600,000 $ 812,125,000 777,710,000 722,440,000 718,850,000 627,665,000 598,060,000 553,815,000 561,520,000 488,800,000 442,235,000 402,910,000 362,150,000 301,445,000 296,645,000 238,785,000 183,170,000 150,850,000 87,590,000 35,140,000
9,226,505,000 $

Interest 364,340,341 327,948,757 294,564,205 261,414,813 229,777,186 200,185,257 174,081,816 149,502,917 125,818,633 103,562,380 85,645,356 69,154,406 54,310,445 41,635,058 31,043,473 21,487,438 14,082,264
8,069,729 3,387,785
767,600 2,560,779,859

Total Debt Service

$

1,228,940,341

1,140,073,757

1,072,274,205

983,854,813

948,627,186

827,850,257

772,141,816

703,317,917

687,338,633

592,362,380

527,880,356

472,064,406

416,460,445

343,080,058

327,688,473

260,272,438

197,252,264

158,919,729

90,977,785

35,907,600 $ 11,787,284,859

Note: amounts as shown above may not add precisely due to rounding.

A-1

State of Georgia
Guaranteed Revenue Bonds Debt Service Schedule As of June 30, 2024

Fiscal Year

2025

$

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2049

2050

2051

2052

Total $

Principal -- $ -- -- -- -- --
4,440,000 6,320,000 8,725,000 10,940,000 13,365,000 13,755,000 14,305,000 14,875,000 15,470,000 16,095,000 16,740,000 17,400,000 18,100,000 18,825,000 19,575,000 20,365,000 21,170,000 22,025,000 22,680,000 23,360,000 24,065,000 24,785,000 367,380,000 $

Interest 12,700,840 12,700,840 12,700,840 12,700,840 12,700,840 12,700,840 12,663,100 12,568,480 12,437,438 12,264,815 11,970,403 11,499,350 10,938,150 10,354,550 9,747,650 9,116,350 8,459,650 7,776,850 7,066,850 6,328,350 5,560,350 4,761,550 3,930,850 3,177,075 2,506,500 1,815,900 1,104,525 371,775 242,625,550

Total Debt Service

$

12,700,840

12,700,840

12,700,840

12,700,840

12,700,840

12,700,840

17,103,100

18,888,480

21,162,438

23,204,815

25,335,403

25,254,350

25,243,150

25,229,550

25,217,650

25,211,350

25,199,650

25,176,850

25,166,850

25,153,350

25,135,350

25,126,550

25,100,850

25,202,075

25,186,500

25,175,900

25,169,525

25,156,775

$ 610,005,550

Note: all outstanding GR bonds were issued by SRTA

A-2

State of Georgia
General Obligation and Guaranteed Revenue Bonds Combined Debt Service Schedule As of June 30, 2024

Fiscal Year

2025

$

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2049

2050

2051

2052

Total $

Principal 864,600,000 $ 812,125,000 777,710,000 722,440,000 718,850,000 627,665,000 602,500,000 560,135,000 570,245,000 499,740,000 455,600,000 416,665,000 376,455,000 316,320,000 312,115,000 254,880,000 199,910,000 168,250,000 105,690,000 53,965,000 19,575,000 20,365,000 21,170,000 22,025,000 22,680,000 23,360,000 24,065,000 24,785,000
9,593,885,000 $

Interest 377,041,181 340,649,597 307,265,045 274,115,653 242,478,026 212,886,097 186,744,916 162,071,397 138,256,071 115,827,195 97,615,759 80,653,756 65,248,595 51,989,608 40,791,123 30,603,788 22,541,914 15,846,579 10,454,635
7,095,950 5,560,350 4,761,550 3,930,850 3,177,075 2,506,500 1,815,900 1,104,525
371,775 2,803,405,409

Total Debt Service $ 1,241,641,181
1,152,774,597 1,084,975,045
996,555,653 961,328,026 840,551,097 789,244,916 722,206,397 708,501,071 615,567,195 553,215,759 497,318,756 441,703,595 368,309,608 352,906,123 285,483,788 222,451,914 184,096,579 116,144,635 61,060,950 25,135,350 25,126,550 25,100,850 25,202,075 25,186,500 25,175,900 25,169,525 25,156,775 $ 12,397,290,409

Note: amounts shown above may not add precisely due to rounding.

A-3

State of Georgia
General Obligation Bonds Debt Service Schedule
As of December 31, 2024

Fiscal Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 Total

Principal

Interest

Total Debt Service

$ 277,075,000 $ 174,539,434 $ 451,614,434

812,125,000

325,039,369

1,137,164,369

777,710,000

291,654,817

1,069,364,817

722,440,000

258,505,426

980,945,426

718,850,000

226,867,799

945,717,799

627,665,000

197,275,870

824,940,870

598,060,000

171,172,428

769,232,428

551,245,000

146,657,780

697,902,780

558,190,000

123,120,995

681,310,995

488,800,000

100,947,992

589,747,992

441,075,000

83,054,169

524,129,169

389,010,000

66,691,150

455,701,150

348,105,000

52,569,720

400,674,720

298,445,000

40,233,733

338,678,733

286,945,000

29,885,398

316,830,398

213,955,000

21,000,025

234,955,025

183,170,000

14,082,264

197,252,264

150,850,000

8,069,729

158,919,729

87,590,000

3,387,785

90,977,785

35,140,000

767,600

35,907,600

$ 8,566,445,000 $ 2,335,523,483 $ 10,901,968,483

Note: amounts as shown above may not add precisely due to rounding.

A-4

State of Georgia
Guaranteed Revenue Bonds Debt Service Schedule
As of December 31, 2024

Fiscal Year

2025

$

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2049

2050

2051

2052

Total $

Principal -- $ -- -- -- -- --
4,440,000 6,320,000 8,725,000 10,940,000 13,365,000 13,755,000 14,305,000 14,875,000 15,470,000 16,095,000 16,740,000 17,400,000 18,100,000 18,825,000 19,575,000 20,365,000 21,170,000 22,025,000 22,680,000 23,360,000 24,065,000 24,785,000 367,380,000 $

Interest 6,350,420 12,700,840 12,700,840 12,700,840 12,700,840 12,700,840 12,663,100 12,568,480 12,437,438 12,264,815 11,970,403 11,499,350 10,938,150 10,354,550 9,747,650 9,116,350 8,459,650 7,776,850 7,066,850 6,328,350 5,560,350 4,761,550 3,930,850 3,177,075 2,506,500 1,815,900 1,104,525 371,775
236,275,131

Total Debt Service

$

6,350,420

12,700,840

12,700,840

12,700,840

12,700,840

12,700,840

17,103,100

18,888,480

21,162,438

23,204,815

25,335,403

25,254,350

25,243,150

25,229,550

25,217,650

25,211,350

25,199,650

25,176,850

25,166,850

25,153,350

25,135,350

25,126,550

25,100,850

25,202,075

25,186,500

25,175,900

25,169,525

25,156,775

$ 603,655,131

Note: amounts shown above may not add precisely due to rounding.

A-5

APPENDIX B
DEBT SERVICE SCHEDULES For
STATE AUTHORITIES

Georgia Higher Education Facilities Authority
Revenue Bonds Series 2015 Refunding, Series 2019 Refunding, and Series 2020 Refunding
Debt Outstanding as of June 30, 2024

Fiscal Year

2025

$

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

Total $

Principal 7,125,000 $ 7,480,000 7,780,000 8,115,000 8,480,000 8,910,000 9,350,000 9,755,000 10,145,000 10,610,000 11,100,000 11,575,000 12,035,000 12,530,000 13,015,000 5,890,000 3,305,000
157,200,000 $

Interest 6,723,825 6,367,575 6,060,475 5,736,069 5,365,919 4,941,919 4,496,419 4,079,919 3,698,619 3,235,419 2,750,669 2,270,219 1,801,025 1,313,188 835,481 339,106 132,200 60,148,046

Total Debt Service

$

13,848,825

13,847,575

13,840,475

13,851,069

13,845,919

13,851,919

13,846,419

13,834,919

13,843,619

13,845,419

13,850,669

13,845,219

13,836,025

13,843,188

13,850,481

6,229,106

3,437,200

$ 217,348,046

Note: amounts as shown above may not add precisely due to rounding.

B-1

Georgia Housing and Finance Authority
Single Family Mortgage Bonds Debt Outstanding as of June 30, 2024

Fiscal Year

Principal

2025

$ 42,545,000 $

2026

46,285,000

2027

46,265,000

2028

46,005,000

2029

48,015,000

2030

46,700,000

2031

47,435,000

2032

48,020,000

2033

51,300,000

2034

50,980,000

2035

52,500,000

2036

54,465,000

2037

60,100,000

2038

66,835,000

2039

68,650,000

2040

71,500,000

2041

75,120,000

2042

68,860,000

2043

66,885,000

2044

68,730,000

2045

49,100,000

2046

57,325,000

2047

65,615,000

2048

65,470,000

2049

61,150,000

2050

48,955,000

2051

20,205,000

2052

12,195,000

2053

6,835,000

2054

1,390,000

Total $ 1,515,435,000 $

Interest 51,065,447 49,915,382 48,639,029 47,342,483 45,996,516 44,549,237 43,167,485 41,723,012 40,198,659 38,520,321 36,893,809 35,093,602 33,293,366 31,161,821 28,784,448 26,372,881 23,803,863 21,098,199 18,675,741 16,222,604 13,838,547 12,114,165 9,882,484 7,519,070 5,218,600 3,010,813 1,488,629 685,530 297,160 31,970 776,604,871

Total Debt Service

$

93,610,447

96,200,382

94,904,029

93,347,483

94,011,516

91,249,237

90,602,485

89,743,012

91,498,659

89,500,321

89,393,809

89,558,602

93,393,366

97,996,821

97,434,448

97,872,881

98,923,863

89,958,199

85,560,741

84,952,604

62,938,547

69,439,165

75,497,484

72,989,070

66,368,600

51,965,813

21,693,629

12,880,530

7,132,160

1,421,970

$ 2,292,039,871

Note: amounts as shown above may not add precisely due to rounding.

B-2

Lake Lanier Islands Development Authority
2008 Revenue Bonds and GEFA Loans Debt Outstanding as of June 30, 2024

Fiscal Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Total $

Principal 2,051,967 2,107,357 1,136,261 972,630 184,887 185,128 185,369 185,610 185,851 186,093 186,335 186,577 186,820 187,063 187,307 187,550 187,794 188,038 188,283 9,066,921 $

Interest 177,842 122,451 70,851 29,942 3,528 3,288 3,047 2,806 2,564 2,323 2,080 1,838 1,595 1,352 1,109 865 621 377 133 428,614

Total Debt Service

2,229,809

2,229,808

1,207,113

1,002,573

188,416

188,416

188,416

188,416

188,416

188,416

188,416

188,416

188,416

188,416

188,416

188,416

188,416

188,416

188,415

$

9,495,535

Note: amounts as shown above may not add precisely due to rounding.

B-3

Georgia Ports Authority
Revenue Bonds Series 2021 and Series 2022
Debt Outstanding as of June 30, 2024

Fiscal Year

2025

$

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2049

2050

2051

2052

Total $

Principal 17,150,000 $ 21,960,000 23,055,000 24,210,000 25,420,000 26,690,000 28,030,000 29,425,000 30,900,000 32,445,000 34,070,000 35,770,000 37,560,000 39,295,000 41,115,000 43,075,000 44,800,000 46,705,000 48,870,000 51,210,000 53,365,000 55,610,000 57,955,000 60,420,000 63,030,000 65,755,000 68,600,000 46,820,000
1,153,310,000 $

Interest 52,652,013 51,794,513 50,696,513 49,543,763 48,333,263 47,062,263 45,727,763 44,326,263 42,855,013 41,310,013 39,687,763 37,984,263 36,195,763 34,460,413 32,644,013 30,678,350 28,955,350 27,049,050 24,885,650 22,543,413 20,390,313 18,144,113 15,800,913 13,333,056 10,721,844 7,996,450 5,151,975 2,183,050 883,107,113

Total Debt Service

$

69,802,013

73,754,513

73,751,513

73,753,763

73,753,263

73,752,263

73,757,763

73,751,263

73,755,013

73,755,013

73,757,763

73,754,263

73,755,763

73,755,413

73,759,013

73,753,350

73,755,350

73,754,050

73,755,650

73,753,413

73,755,313

73,754,113

73,755,913

73,753,056

73,751,844

73,751,450

73,751,975

49,003,050

$ 2,036,417,113

Note: amounts as shown above may not add precisely due to rounding.

B-4

State Road and Tollway Authority
GARVEE Bonds Series 2017 and Series 2020
Debt Outstanding as of June 30, 2024

Fiscal Year

2025

$

2026

2027

2028

2029

2030

2031

2032

Total $

Principal 41,685,000 $ 43,770,000 45,955,000 48,250,000 50,665,000 45,935,000 48,230,000 50,640,000 375,130,000 $

Interest 18,756,500 16,672,250 14,483,750 12,186,000 9,773,500 7,240,250 4,943,500 2,532,000 86,587,750

Total Debt Service

$

60,441,500

60,442,250

60,438,750

60,436,000

60,438,500

53,175,250

53,173,500

53,172,000

$ 461,717,750

B-5

Georgia World Congress Center Authority
Convention Center Hotel First Tier Revenue Bonds, Series 2021A and
Convention Center Hotel Second Tier Revenue Bonds, Series 2021B
Debt Outstanding as of June 30, 2024

Fiscal Year

2025

$

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2049

2050

2051

2052

2053

2054

Total $

Principal -- $ --
7,240,000 7,705,000 8,200,000 8,700,000 9,225,000 9,760,000 10,460,000 11,185,000 11,705,000 12,240,000 12,795,000 13,380,000 13,990,000 14,615,000 15,280,000 15,970,000 16,685,000 17,430,000 18,205,000 19,025,000 19,865,000 20,750,000 21,660,000 22,630,000 23,615,000 24,665,000 25,745,000 26,870,000 439,595,000 $

Interest 19,106,125 19,106,125 19,106,125 18,873,550 18,622,056 18,360,056 18,083,681 17,792,150 17,341,650 16,860,150 16,346,500 15,810,700 15,252,150 14,670,000 14,063,000 13,430,100 12,770,700 12,083,100 11,366,300 10,619,250 9,840,700 9,029,400 8,183,450 7,302,050 6,383,350 5,426,300 4,428,350 3,388,950 2,305,350 1,176,300 377,127,669

Total Debt Service

$

19,106,125

19,106,125

26,346,125

26,578,550

26,822,056

27,060,056

27,308,681

27,552,150

27,801,650

28,045,150

28,051,500

28,050,700

28,047,150

28,050,000

28,053,000

28,045,100

28,050,700

28,053,100

28,051,300

28,049,250

28,045,700

28,054,400

28,048,450

28,052,050

28,043,350

28,056,300

28,043,350

28,053,950

28,050,350

28,046,300

$ 816,722,669

Note: amounts as shown above may not add precisely due to rounding.

B-6

STATE OF GEORGIA
Georgia State Financing and Investment Commission
270 WASHINGTON STREET S.W., SUITE 2140 | ATLANTA, GA 30334-8500 | 404.463.5600 | GSFIC.GEORGIA.GOV