By Stephen Nakrosis
The State of California is offering some $858 million in general obligation and general obligation refunding bonds, with proceeds slated to fund clean air, clean water, stem cell research, veterans; housing and other programs.
The state is offering $827 million in federally taxable general obligation bonds and $30 million of federally taxable general obligation refunding bonds, according to offering documents on MuniOS.
Other programs being supported by the bonds include disaster preparedness, flood prevention, housing and emergency shelter, and safe parks initiatives.
The bonds are general obligations of the state of California. Interest on the bonds will be payable on March 1 and Sept. 1 of each year. The general obligation bonds will see $413 million mature on Sept. 1, 2030, and $413 million mature on Sept. 1, 2035. The refunding bonds will mature $3.7 million in 2028, $20.9 million in 2030, and $6 million in 2031.
Moody's Ratings has given the offering a rating of Aa2, Fitch Ratings rates the bonds AA, and S&P Global Ratings rates them AA-.
Bids for Group A, which consists of the construction bonds maturing on Sept. 1, 2030 and the refunding bonds and for Group B, which consists of the construction bonds maturing on Sept. 1, 2035, are due March 20.
Interest on the bonds is exempt from California personal income taxes.
-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
March 14, 2025 17:33 ET (21:33 GMT)
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