California State Treasurer Fiona Ma recently announced the competitive sale results for $329 million in revenue bonds for the California Department of Water Resources (DWR) Water System Revenue Bonds. Proceeds of the Series BG bonds will finance or refinance certain State Water Project capital improvements.

The State Water Project is part of the backbone of California’s water infrastructure, supplying water to over 27 million Californians, along with commercial and industrial customers. It consists of a 705-mile long complex system of dams, reservoirs, pumping facilities, power plants, aqueducts and pipelines. DWR is responsible for planning, construction, operation and maintenance of the State Water Project.

The Series BG bonds received a total of 11 bids from broker-dealers, with Bank of America submitting the winning bid with a true interest cost of 2.36 percent. The bonds will mature on dates ranging from 2026 to 2033 and each maturity will bear an interest rate of 5.00 percent, with yields ranging from 2.24 percent to 2.43 percent.

The bonds were rated Aa1 by Moody’s Investors Service and AAA by S&P Global Ratings.