California Sells $1.7 Billion in General Obligation Bonds; Refunding Saves Taxpayers About $48 Million
California State Treasurer Fiona Ma's office announced on October 7 that the state has successfully priced $1.7 billion in various-purpose general obligation bonds, with the refunding portion expected to save California taxpayers about $48 million.
General obligation bonds, backed by the state's taxing power, are California's main tool for financing capital projects such as schools, transportation and water infrastructure. In addition to funding new projects, the sale refinances existing bonds — replacing higher-interest debt issued in earlier years with borrowing at current rates — and the roughly $48 million in savings comes from that refunding piece.
The three major rating agencies continue to grade California's general obligation bonds in the high-investment range: Aa2 from Moody's, AA- from S&P and AA from Fitch. The ratings shape how cheaply the state can borrow for infrastructure.
The State Treasurer's Office is California's lead agency for bond issuance and manages the state's investments and cash operations. Ma has served as the state's 34th treasurer since 2019.
Published by GSM · USA (original Chinese edition)
Photo: 加州议会大厦（资料图，Wikimedia Commons，CC BY-SA）
