By Paul Burton, includes “… In 2008, the state issued $2 billion of pension bonds, which Nappier recommended at the time. The legislature and then-Gov. Jodi Rell, a Republican, approved it. The state's bond counsel, Day Pitney LLP in Hartford, advised two years ago that any deferral of related payments into the teachers' fund would violate guarantees under the covenant. Malloy's proposed smoothing would mean higher borrowing costs into the future, said Nappier.”