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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 announcement came as the most indebted state is selling $10 billion in revenue-anticipation notes, the state’s largest short-term borrowing in two years, to raise cash until the bulk of tax receipts arrive later in the fiscal year.

California has reduced debt sales 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 September issue 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, he said in a statement.

The State Public Works Board has also 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 projects, according to Dresslar.

The $10 billion note offering concludes tomorrow with orders from institutional investors after two days of sales to individuals.

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