The State Bond Commission convened on May 15, 2025, to address several key financial matters, including the approval of bond items and updates on ongoing projects. The meeting began with the approval of items 38 through 40, which were moved by Representative Reiser and seconded without objection.

The commission then turned its attention to item 41, concerning the Capital Area Finance Authority (CAFA). The authority sought approval for $35 million in revenue bonds aimed at financing mortgage loans for qualified low and moderate-income first-time homebuyers. The commission recommended approval, contingent upon CAFA adopting a subsequent resolution to include security parameters, scheduled for June 12. This motion was also moved by Representative Reiser and seconded by Senator Barrow, passing without objection.

Next, item 42 involved a request to authorize the issuance of a solicitation for municipal advisory services. The current contract with PRAG is set to expire on October 31, and the commission plans to initiate a competitive selection process, as has been done historically every three years. The evaluation of responses will be conducted by a selection subcommittee comprising key state officials. This item was similarly approved following a motion by Representative Reiser and a second from Senator Barrow.

The commission received a status update on item 43 regarding general obligation bonds sold on April 29. The bonds attracted over $2 billion in orders for approximately $354 million, with the transaction closing on the same day. The fiscal year 2026 general obligation debt service is projected to be around $449 million.

Lastly, item 44 covered monthly reports, including applications that did not make it to the agenda, a monthly volume cap report, and an elections receivable report.

As the meeting concluded at 8:20 AM, the commission moved to adjourn, having efficiently addressed all agenda items with no additional business raised.