Briefly
From a Times Staff Writer
California sold $1.15 billion of tax-free general obligation bonds Thursday in a competitive offering won by brokerage firm Merrill Lynch & Co. The state’s average annualized interest cost on the bonds was 4.56%. The sale raised $500 million to fund various infrastructure projects and was used to refinance $646 million in outstanding bonds to reduce interest costs, according to Treasurer Phil Angelides’ office.
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