State Sells $545 Million in Tax-Free Bonds

California sold $545 million of tax-free general obligation bonds. The bonds, issued in various maturities, were purchased by brokerage Citigroup Global Markets for resale to investors.

The deal included $300 million in bonds for new capital projects and $245 million in bonds to refinance older securities issued at higher rates. The state had planned to sell as much as $720 million in bonds, but pared that because of rising interest rates in recent weeks.