Business News
SACRAMENTO – State Treasurer John Chiang has announced the completion of the sale of $2.15 billion in state of California taxable general obligation bonds that will in part provide funding for high-speed rail, stem cell research and housing projects.
The sale included $947 million in new borrowing authorized by 10 different bond acts and $1.2 billion to refund outstanding general obligation bonds for debt service savings.
The state received orders from over 160 investors, which included bond funds, insurance companies, money managers, municipal governments, banks and international investors from Europe and Asia.
The latest refunding will save taxpayers $354 million over the remaining life of the bonds.
“Refunding older, more expensive debt saves millions of dollars over time,” said Chiang. “It frees up future money needed to pay for vital programs that affect the welfare of every Californian.”
Since Treasurer Chiang took office in January 2015, refunding has created a public savings of nearly $7 billion over the remaining life of the bonds.
Maturities for the bonds ranged from 2020 to 2038, while final yields ranged from 2.53 percent to 3.94 percent. The overall true interest cost for the sale was 3.91 percent.
The bonds were rated "Aa3" by Moody’s Investors Service, "AA-" by S&P Global Ratings and "AA-" by Fitch Ratings. The bonds are backed by the State of California’s full faith and credit.
J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were joint senior managers for the sale with The Williams Capital Group, L.P. as co-senior manager.
This week’s sale was the second general obligation bond sale since Treasurer Chiang launched the new www.BuyCaliforniaBonds.com Web site to provide greater efficiency and transparency to investors. The new site offers thousands of pages of financial data and documents about the state’s bond sales.
The sale included $947 million in new borrowing authorized by 10 different bond acts and $1.2 billion to refund outstanding general obligation bonds for debt service savings.
The state received orders from over 160 investors, which included bond funds, insurance companies, money managers, municipal governments, banks and international investors from Europe and Asia.
The latest refunding will save taxpayers $354 million over the remaining life of the bonds.
“Refunding older, more expensive debt saves millions of dollars over time,” said Chiang. “It frees up future money needed to pay for vital programs that affect the welfare of every Californian.”
Since Treasurer Chiang took office in January 2015, refunding has created a public savings of nearly $7 billion over the remaining life of the bonds.
Maturities for the bonds ranged from 2020 to 2038, while final yields ranged from 2.53 percent to 3.94 percent. The overall true interest cost for the sale was 3.91 percent.
The bonds were rated "Aa3" by Moody’s Investors Service, "AA-" by S&P Global Ratings and "AA-" by Fitch Ratings. The bonds are backed by the State of California’s full faith and credit.
J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were joint senior managers for the sale with The Williams Capital Group, L.P. as co-senior manager.
This week’s sale was the second general obligation bond sale since Treasurer Chiang launched the new www.BuyCaliforniaBonds.com Web site to provide greater efficiency and transparency to investors. The new site offers thousands of pages of financial data and documents about the state’s bond sales.
- Details
- Written by: State Treasurer's Office
SACRAMENTO – A new Web site has been launched by the California Department of Food and Agriculture, or CDFA, to help California farmers understand how to comply with new food safety regulations known as the Produce Safety Rule, which went into effect nationwide in January.
The Web site introduces users to the Produce Safety Program, a newly created unit operating under CDFA’s Inspection Services Division.
The Produce Safety Program is responsible for conducting on-farm inspections on behalf of the U.S. Food and Drug Administration to verify compliance with the Produce Safety Rule among California fruit, vegetable and nut farmers.
“It’s estimated some 20,000 California produce farms are covered under this new regulation,” said CDFA Secretary Karen Ross. “The job of bringing these farms into compliance with the Produce Safety Rule is a very large task, and CDFA is committed to working with farmers to give them the information they need.”
The FDA has determined that on-farm inspections to verify compliance with the Produce Safety Rule will not begin until 2019.
This gives CDFA time to begin getting the word out to farmers about how to comply with the new regulation.
Via the Web site, produce farms and industry members can join a mailing list to receive regular updates from the Produce Safety Program.
“The Produce Safety Program plans to spend the coming year doing everything possible to inform and educate California produce farmers about the requirements of the Produce Safety Rule,” said Natalie Krout-Greenberg, CDFA's director of Inspection Services. “CDFA’s vision is for 100 percent compliance with the Produce Safety Rule. Our hope is that required food safety practices will become ingrained in the culture of California produce farming so that our state continues to grow the safest produce possible.”
Visit the site at https://www.cdfa.ca.gov/producesafety/about.html.
The Web site introduces users to the Produce Safety Program, a newly created unit operating under CDFA’s Inspection Services Division.
The Produce Safety Program is responsible for conducting on-farm inspections on behalf of the U.S. Food and Drug Administration to verify compliance with the Produce Safety Rule among California fruit, vegetable and nut farmers.
“It’s estimated some 20,000 California produce farms are covered under this new regulation,” said CDFA Secretary Karen Ross. “The job of bringing these farms into compliance with the Produce Safety Rule is a very large task, and CDFA is committed to working with farmers to give them the information they need.”
The FDA has determined that on-farm inspections to verify compliance with the Produce Safety Rule will not begin until 2019.
This gives CDFA time to begin getting the word out to farmers about how to comply with the new regulation.
Via the Web site, produce farms and industry members can join a mailing list to receive regular updates from the Produce Safety Program.
“The Produce Safety Program plans to spend the coming year doing everything possible to inform and educate California produce farmers about the requirements of the Produce Safety Rule,” said Natalie Krout-Greenberg, CDFA's director of Inspection Services. “CDFA’s vision is for 100 percent compliance with the Produce Safety Rule. Our hope is that required food safety practices will become ingrained in the culture of California produce farming so that our state continues to grow the safest produce possible.”
Visit the site at https://www.cdfa.ca.gov/producesafety/about.html.
- Details
- Written by: California Department of Food and Agriculture
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