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State Announces Sale Of General Obligation Bonds
Seal of California

California State Treasurer Fiona Ma announced the successful sale of $2.5 billion of various purpose tax-exempt, fixed rate General Obligation (GO) bonds. The sale included $1.0 billion of new money GO bonds to provide funding for voter approved projects and programs and to pay down outstanding commercial paper notes that provided initial financing for certain projects, and $1.5 billion of GO refunding bonds to refund previously issued GO bonds for debt service savings.

Proceeds of the new money bonds will fund projects and programs and pay down outstanding commercial paper notes under 12 different bond acts approved by voters between 2000 and 2018.

Proceeds of the refunding bonds will refinance bonds issued in 2013 and 2014 under 11 different bonds acts approved by voters between 1990 and 2006 and will save taxpayers $159 million over the next 20 years, or $118 million on a present value basis. Since Treasurer Ma took office in January 2019, the State Treasurer’s Office has sold $17.7 billion of refunding GO bonds for debt service savings that will save taxpayers $6.2 billion over the remaining life of the bonds, or $5.0 billion on a present value basis.

The bonds were rated Aa2 by Moody’s Investors Service, AA- by S&P Global Ratings, and AA by Fitch Ratings. The all-in true interest cost for the bonds was 4.09 percent. The bonds will mature on dates ranging from 2024 to 2053 and bear interest rates ranging from 4.00 percent to 5.25 percent, with yields ranging from 3.03 percent to 4.17 percent.

The calendar of all upcoming state bond sales is available at