By Silla Brush - 04/02/10 05:25 PM EDT
California has been a major beneficiary of President Barack Obama's program to help states and local governments issue debt during the financial crisis.
California issued seven of the top 10 bond deals by value under the Build America Bonds program, according to an analysis of Treasury Department data by The Hill. The state also issued roughly one-quarter of the $90 billion worth of bonds in the program since April 2009.
In a report on Friday, the Treasury Department praised the program with reducing costs on issuers. The administration said issuers are projected to save around $12 billion in borrowing costs during the first year of the program.
The program was part of the Obama administration's $862 billion fiscal stimulus program. The bond effort was intended to boost the economy by reducing the cost of issuing debt.
Here are the top 10 bond deals by size under the program:
1. State of California - Highway/recreational/school/water utility improvements - $5 billion
2. State of California - School improvements - $2.5 billion
3. State of California - School improvements - $1.75 billion
4. New Jersey Turnpike - Highway improvements - $1.375 billion
5. Los Angeles Unified School District - School improvement - $1.37 billion
6. Bay Area Toll Authority - Highway improvement - $1.3 billion
7. Los Angeles Unified School District - School improvements - $1.25 billion
8. Municipal Electrical Authority of Georgia - Electric light & power improvements; refunding notes - $1.224 billion
9. State of Texas - Highway improvements - $1.208 billion
10. University of California - Higher education improvements - $1.022 billion