The State Legislature authorizes the issuance of all bond sales and the Commissioner of Management and Budget, by law, is given the responsibility of issuing the state bonds. The state sells its bonds into the bond market, also known as the debt or fixed income market. The proceeds from the sale of the bonds are used to pay the cost of capital projects, programs or purposes that are approved by the Legislature. The Debt Management Division oversees the state's debt management policies and guidelines. Debt Management maintains a model that is used to determine the state's debt capacity and to forecast debt service costs of future capital budgets. Below are some documents prepared for presentations regarding the sale and administration of various state debt programs.