California development authority to bring $1.5 billion bonds Tuesday

By Sheri Kasprzak

New York, Nov. 5 - The California Statewide Development Authority is set to sell $1.5 billion in series 2009 State of California Proposition 1A receivables program revenue bonds on Tuesday, according to a sales calendar. A retail order period will be conducted Friday and Monday.

The bonds (Baa1/A/BBB) will be sold through lead manager Goldman, Sachs & Co.

The bonds are due June 15, 2013.

Proceeds from the deal will be used to repay borrowings from local property taxes.

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