This report describes states financial in fiscal 2021, issuance cost, private activity bond and 86th legislature session, This report concludes with seven appendices. Appendix A provides a detailed description of each state bond transaction closed in fiscal year 2021. Appendix B reports on commercial paper and variable-rate debt programs used by state agencies and universities. Appendix C provides a background discussion of Texas Swap Programs and reports on swaps outstanding and debt-service requirements.