State Sells $1.03 Billion in Tax-Free Bonds
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California sold $1.03 billion of fixed-rate general obligation bonds Wednesday in the first such sale since September. The debt, issued in various maturities, was purchased via competitive bidding by Banc of America Securities, which plans to sell the bonds to investors.
The tax-free interest rates ranged from about 3.72% on five-year bonds to about 4.54% on 20-year securities.
The state will use the proceeds to pay off higher-yielding existing bonds and to finance construction projects, according to a statement from Treasurer Phil Angelides’ office.
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