California is planning to issue about $300 million in tax-exempt lease revenue green bonds to fund the expansion of CalSTRS' West Sacramento headquarters, according to an announcement by state Treasurer Fiona Ma.
Ms. Ma is also an ex-officio member of the board of the $236.9 billion California State Teachers' Retirement System.
The state is preparing to issue the bonds the week of Dec. 2. The bond proceeds will be used to finance the project, including any hard costs incurred before the bonds are issued. The CalSTRS board approved the expansion project last November at a cost not to exceed $300 million, excluding the cost of financing.
The bond issuance — The California Infrastructure and Economic Development Bank Lease Revenue Bonds (California State Teachers' Retirement System Headquarters Expansion) (Green Bonds) Series 2019 — will be issued by the California Infrastructure Economic Development Bank, known as IBank. The underwriter is RBC Capital Markets.
CalSTRS is expanding its headquarters campus, adding a second building, following a 2014 study of the then-available inventory of space and CalSTRS' future needs.