SAN FRANCISCO - California is moving ahead with plans to issue up to $4 billion in taxable general obligation bonds, including Build America Bonds, either next week or the week of the April 20, the treasurer's office said.

The state is planning to issue $3 billion to $4 billion in GOs, split between straightforward taxable bond projects and the Build America Bonds. The BABs are a product of federal stimulus legislation that permits states to issue taxable bonds for projects eligible for tax-exempt financing, and receive a subsidy from the U.S. Treasury. The Treasury Department Friday issued preliminary guidance on the bond program, which alternatively can offer investors a federal tax credit.

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