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State Treasurer Fiona Ma Announces Sale of $299.6 Million in Bonds for State Water Project
Includes funding for the Oroville Dam spillways damaged in 2017

April 16, 2019

Contact: Mark DeSio

SACRAMENTO – California State Treasurer Fiona Ma announced the competitive sale today of $299.6 million in California Department of Water Resources (DWR) water system revenue bonds to refinance certain State Water Project capital improvements, including a portion of the costs of the Oroville Dam Spillways Response, Recovery and Restoration Project.

“These funds will be used to finance the reconstruction of the Oroville dam spillways to help provide flood control and water supply throughout California,” said Treasurer Ma.

The main spillway chute of Oroville Dam experienced damage in 2017 due to heavy rains during the wettest January and February in 110 years of Feather River hydrologic record. To ensure public safety, DWR has reconstructed the main spillway and continues working on restoration activities around the dam facilities.

The State Treasurer’s Office, as agent for sale, received 10 bids from broker-dealers, with Jefferies LLC submitting the winning bid at a true interest cost of 2.36%. The bonds were sold on behalf of DWR to refund a portion of DWR’s outstanding commercial paper notes, fund interest on a portion of the bonds, fund a deposit to the debt service reserve account, and pay costs of issuance.

The State Water Project is a statewide complex system of dams, water storage facilities, aqueducts, pumping stations and electric generation facilities that have been constructed by DWR to deliver water and protect against flooding.

A calendar of upcoming state bond sales is available at:

Fiona Ma is California’s 34th State Treasurer. She was elected on November 6, 2018 with more votes (7,825,587) than any other candidate for treasurer in the state's history. She is the first woman of color and the first woman Certified Public Accountant (CPA) elected to the position. The State Treasurer’s Office was created in the California Constitution in 1849. It provides financing for schools, roads, housing, recycling and waste management, hospitals, public facilities, and other crucial infrastructure projects that better the lives of residents. California is the world’s fifth-largest economy and Treasurer Ma is the state’s primary banker. Her office processes more than $2 trillion in payments within a typical year. She provides transparency and oversight for the government’s investment portfolio and accounts. She also invests and provides oversight for the state’s surplus funds. Treasurer Ma oversees an investment portfolio of more than $90 billion, approximately $20 billion of which are local government funds. She is responsible for $82 billion in outstanding general obligation and lease revenue bonds of the state.

For more news about the State Treasurer’s Office, please follow Treasurer Ma on Twitter at @CalTreasurer, Instagram at caltreasurer, and on Facebook at California State Treasurer's Office.