Business News
SACRAMENTO – State Treasurer John Chiang on Thursday announced the completion of the sale of $2.18 billion in state of California general obligation bonds that will pay for parks, schools, housing, highways, clean air and other infrastructure projects.
The sale included $1.52 billion in new borrowing authorized by 19 different bond acts and $663 million to refund outstanding general obligation bonds for debt service savings.
“The sale of these bonds will provide funding for vital infrastructure projects and will save taxpayers millions of dollars over the life of the bonds, due to the refinancing,” said Chiang. “Every dollar saved through refunding will over time be available for education, health services, environment protection and other programs that the people of California value.”
Since Treasurer Chiang took office in January 2015, refunding has created a public savings of about $6.5 billion over the remaining life of the bonds.
Interest rates on the bonds ranged from 2% to 5.25% while yields ranged from 1.3% to 3.72%. The overall true interest cost for the sale was 3.53%.
This week’s sale was the first 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, the largest tax-exempt municipal bond sale so far this year, generated strong demand from both retail and institutional buyers. The state received retail orders totaling $1.4 billion, the most for a California sale in at least five years.
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.
Morgan Stanley and Merrill Lynch, Pierce, Fenner, Smith Inc. were joint senior managers for the sale with Loop Capital Markets as the co-senior manager.
The sale included $1.52 billion in new borrowing authorized by 19 different bond acts and $663 million to refund outstanding general obligation bonds for debt service savings.
“The sale of these bonds will provide funding for vital infrastructure projects and will save taxpayers millions of dollars over the life of the bonds, due to the refinancing,” said Chiang. “Every dollar saved through refunding will over time be available for education, health services, environment protection and other programs that the people of California value.”
Since Treasurer Chiang took office in January 2015, refunding has created a public savings of about $6.5 billion over the remaining life of the bonds.
Interest rates on the bonds ranged from 2% to 5.25% while yields ranged from 1.3% to 3.72%. The overall true interest cost for the sale was 3.53%.
This week’s sale was the first 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, the largest tax-exempt municipal bond sale so far this year, generated strong demand from both retail and institutional buyers. The state received retail orders totaling $1.4 billion, the most for a California sale in at least five years.
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.
Morgan Stanley and Merrill Lynch, Pierce, Fenner, Smith Inc. were joint senior managers for the sale with Loop Capital Markets as the co-senior manager.
- Details
- Written by: State Treasurer's Office
KELSEYVILLE, Calif. – Shopping, dining, wine tasting and outdoor adventure in and around Kelseyville is now easier than ever before.
The Kelseyville Business Association announced the launch of a completely redesigned and enhanced digital campaign aimed at attracting visitors and promoting local business and signature events.
The new www.VisitKelseyville.com provides the latest information on all the food, wine, retail, lodging, special events and activities the Kelseyville region has to offer out-of-towners and local residents alike.
By going to “Visit Kelseyville,” users will be able to learn how they can take advantage and enjoy the services and offerings of more than 85 local businesses, activity opportunities and recreational areas.
The new digital platform includes a Web site that can be accessed from personal computers or through mobile phones with integrated social media communications on Facebook and Instagram.
With a multitude of high-resolution pictures depicting the beauty of Kelseyville and compelling content of the attractive amenities of the region, the new platform makes Kelseyville a “must place to visit” for those looking for the next frontier to explore in Northern California.
“Kelseyville is the heart of the next premier California wine destination,” said The Saw Shop Bistro & Gallery owner Marie Beery. “The beautifully created VisitKelseyville.com Web site is the foundation on which we are going to make visitors from around the world know we are here and ready to welcome them.”
At the same time, VisitKelseyville.com provides local businesses and residents that are interested in keeping dollars in their home community with a directory of local businesses and service providers to call upon.
“With everything from financial and legal services to real estate professionals, auto mechanics to exterminators and much more, Visit Kelseyville.com is the first place I will go to use and help build successful businesses here in my community,” said Mark Borghesani, owner of Kelseyville Lumber.
The Kelseyville Business Association Inc is a nonprofit corporation founded in 1967 to carry out plans, policies and activities to further the prosperity and development of the unincorporated areas of Kelseyville and surrounding communities.
Contact Helen Finch on the KBA Communications Committee atThis email address is being protected from spambots. You need JavaScript enabled to view it. for additional information.
The Kelseyville Business Association announced the launch of a completely redesigned and enhanced digital campaign aimed at attracting visitors and promoting local business and signature events.
The new www.VisitKelseyville.com provides the latest information on all the food, wine, retail, lodging, special events and activities the Kelseyville region has to offer out-of-towners and local residents alike.
By going to “Visit Kelseyville,” users will be able to learn how they can take advantage and enjoy the services and offerings of more than 85 local businesses, activity opportunities and recreational areas.
The new digital platform includes a Web site that can be accessed from personal computers or through mobile phones with integrated social media communications on Facebook and Instagram.
With a multitude of high-resolution pictures depicting the beauty of Kelseyville and compelling content of the attractive amenities of the region, the new platform makes Kelseyville a “must place to visit” for those looking for the next frontier to explore in Northern California.
“Kelseyville is the heart of the next premier California wine destination,” said The Saw Shop Bistro & Gallery owner Marie Beery. “The beautifully created VisitKelseyville.com Web site is the foundation on which we are going to make visitors from around the world know we are here and ready to welcome them.”
At the same time, VisitKelseyville.com provides local businesses and residents that are interested in keeping dollars in their home community with a directory of local businesses and service providers to call upon.
“With everything from financial and legal services to real estate professionals, auto mechanics to exterminators and much more, Visit Kelseyville.com is the first place I will go to use and help build successful businesses here in my community,” said Mark Borghesani, owner of Kelseyville Lumber.
The Kelseyville Business Association Inc is a nonprofit corporation founded in 1967 to carry out plans, policies and activities to further the prosperity and development of the unincorporated areas of Kelseyville and surrounding communities.
Contact Helen Finch on the KBA Communications Committee at
- Details
- Written by: Kelseyville Business Association
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