State Treasurer Fiona Ma Announces $2.4 Billion General Obligation Bond Sale that will Save Taxpayers $690 Million and Fund K-12 School Facilities

Taxpayer savings since January 2019 through refunded bonds total $2.1 billion

  ·  For Immediate Release

SACRAMENTO – California State Treasurer Fiona Ma announced the sale today of $2.405 billion of tax-exempt general obligation bonds, including $664 million earmarked for the funding of K-12 school facility projects.

The bond sale included $1.741 billion of refunding bonds to refinance previously issued bonds under 24 different bond acts for debt service savings, and converts $250 million of variable rate bonds to a fixed rate.

The refunding is expected to save taxpayers $690 million over the next 20 years (or $588 million on a present value basis). Since her election in January, $6.1 billion of general obligation bonds have been refunded under Treasurer Ma, saving taxpayers a total of more than $2.1 billion in the coming decades (or $1.69 billion on a present value basis).

"With this bond sale we are taking advantage of historically low interest rates to finance assets that benefit Californians and save taxpayers money over the long term," said Treasurer Ma. "We are also following through on our state’s commitment to serve California’s schools and students."

The bonds for K-12 school facility projects were authorized by the Kindergarten Through Community College Public Education Facilities Bond Act of 2016. The State Allocation Board is expected to apportion the funds to school districts at a meeting on September 25.

Some key statistics from the sale:

The joint senior managers for the sale were Jefferies LLC and Stifel, Nicolaus & Company, Inc. Ramirez & Co., Inc. served as co-senior manager. There was also a large syndicate of co-managers and selling group members.

The calendar of all upcoming state bond sales is available at