Controller Cohen Votes to Support Resolution Authorizing the Sale and Refinancing of Bonds Saving Californians $114 Million

SACRAMENTO - At today's State Public Works Board meeting, State Controller Malia M. Cohen voted to adopt a resolution to sell 2024 Series C lease revenue refunding bonds that will enable the Board to refund 2014 Series A, B, and C bonds. The sale is expected to achieve a net present value savings of approximately $114 million.

"This action will save taxpayers and the State General Fund approximately $114 million by refunding 2014 Series A, B, and C bonds," states Controller Malia M. Cohen. "As the chief fiscal officer of California, my support for this resolution represents prudent fiscal management to leverage current market conditions for the benefit of the State and its taxpayers."

The State Public Works Board oversees the fiscal matters associated with construction of projects for state agencies; selection and acquisition of real property for state facilities and programs; and issuance of lease-revenue bonds to pay capital projects. Controller Cohen is one of six board members and is a voting member when the Board deals with matters related to the issuance of revenue bonds.

As the chief fiscal officer of California, Controller Cohen is responsible for accountability and disbursement of the state's financial resources. The Controller has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation's two largest public pension funds. Follow the Controller on X at @CAController and on Facebook at California State Controller's Office.

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