State of California Various Purpose
General Obligation
Refunding Bonds, 2016

State of California

Invest in the State of California today. The state is refinancing a portion of its outstanding bonds issued in 2006 and 2007 to reduce its ongoing debt service costs .


Issuance characteristics
  • Refunding
  • Contains callable maturities
  • Federally tax exempt
  • General Obligation
  • Negotiated sale

About this bond issuance

  • Purpose

    Invest in California bonds to refund certain of the State's outstanding general obligation bonds for debt service savings. Note: Secondary offering. Bonds are subject to availability and price changes. Please read all offering documents before making an investment.

  • Obligor

    State of California

  • Issuer

    State of California

  • Authority

    The Refunding Bonds are being issue as forty-three (43) series under twenty-six (26) Bonds Acts, each authorized by the voters, as set forth in Exhibit 1 of the Preliminary Official Statement. Proceeds of the Refunding Bonds will be used to refund bonds that were issued to finance or refinance capital facilities or other voter approved costs authorized under the related Bond Act to further the public purpose of such Bond Act. The public purpose of each such Bond Act is generally described in Exhibit 1.

  • Security

    The Bonds are general obligations of the State, and each series of the Bonds is payable in accordance with the related Bond Act and Resolution out of the General Fund, subject under State law only to the prior application of moneys in the General Fund to the support of the public school system and the public institutions of higher education. Each of the Bond Acts provides that the State will collect annually in the same manner and at the same time as it collects other State revenue an amount sufficient to pay principal of and interest on the related series of Bonds in that year. Each of the Bond Acts also contains a continuing appropriation from the General Fund of the sum annually necessary to pay the principal of and interest on the related series of Bonds as they become due and payable. No further appropriation by the Legislature is required to pay the principal of and interest on the Bonds. Under the State Constitution, the appropriation to pay the principal of and interest on the Bonds as set forth in the Bond Acts cannot be repealed until the principal of and interest on the related Bonds are paid and discharged.

  • Sale conditions

    This is a secondary offering. Prices are subject to change and bonds are subject to availability.

Ratings

Ratings

AA-

S&P

Aa3

Moody's

AA-

Fitch

Financing team

Neighborly Securities
Neighborly is a market participant on this issuance.