SACRAMENTO – California State Treasurer Fiona Ma announced the competitive sale this week of $299.6 million in California Department of Water Resources 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, the Department of Water Resources 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 percent.

The bonds were sold on behalf of the Department of Water Resources to refund a portion of the agency’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 www.BuyCaliforniaBonds.com.