California to Sell $1.6 Billion General-Obligation Bonds

California plans to sell $1.6 billion in general-obligation bonds on Sept. 25, Treasurer Bill Lockyer said in an e-mailed statement.

The debt will include $1.3 billion for infrastructure projects and $300 million to refinance existing bonds, according to Tom Dresslar, Lockyer’s spokesman.

The state also plans a $500 million sale Oct. 23 to refinance general-obligation bonds, Dresslar said in a statement.

The most populous state has reduced borrowing as part of Governor Jerry Brown’s attempt to rein in persistent deficits. Before today’s announcement, general-obligation borrowing in 2011 and 2012 totaled $11.5 billion, the least for a two-year period since 2006, data compiled by Bloomberg show.

The State Public Works Board has scheduled a $250 million sale of lease-revenue bonds Sept. 13 for the University of California and California State University systems, and $548 million on Oct. 17 for various state projects, according to Dresslar.

To contact the reporter on this story: James Nash in Los Angeles at jnash24@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net

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