California to sell $2 bln of general obligation debt in October
STOCKTON, Calif. Oct 1 (Reuters) - California aims to sell about $2 billion of its general-obligation bonds the week of Oct. 21, a spokesman for state Treasurer Bill Lockyer's office said on Tuesday.
The sale, which will open with a one-day retail order period, will include refunding and new money bonds with their split yet to be determined, spokesman Tom Dresslar said.
Separately, Lockyer's office released a report that found California's debt service payments in the current fiscal year will consume a smaller share of state general fund revenues than previously estimated.
The report said debt service will equal 7.7 percent of general fund revenue in the current fiscal year ending June 2014, compared with the 9.8 percent projected in an earlier report.
California plans to sell $7.3 billion of its general obligation this fiscal year and $5.2 billion in the following fiscal year, the report noted.