This opinion from the bond counsel, Day Pitney LLP, for Connecticut's state treasurer details the provisions and restrictions of the bond covenant that the State of Connecticut entered in to with bondholders when it sold $2.27 billion worth of pension obligation bonds in fiscal year 2008 in an effort to improve the health of the State's Teachers' Retirement System (TRS).

In their opinion, Day Pitney argues that changing the state's statutes related to the actuarial funding of TRS is prohibited under the bond covenant, unless the requirements of "adequate provision" or emergency determination are met.