The City of Oakland has completed the pricing of $334 million in General Obligation bonds, securing funding for a range of capital projects across the city. The bond sale took place on December 4, 2025, and will provide resources for road improvements, public facility restorations, and affordable housing initiatives.
Mayor Barbara Lee stated, “Oakland is on the move and building momentum with this bond sale. We are reviving access to funding for paving our streets, restoring public facilities we all use and depend upon, and investing in affordable housing for our community, all while maintaining transparency and fiscal discipline. These bonds represent our City’s continued commitment to sound financial management and responsible investment in Oakland’s future. Together, we are strengthening our foundation for generations to come. I’m grateful to our partners in the City Council for their leadership and support, and to City Administrator Jestin Johnson for driving this process and ensuring we brought it home.”
Of the total amount raised, $285 million will be directed toward new projects while $49 million will be used to refinance existing debt at lower interest rates. The city received orders totaling $638 million from investors for the bonds offered—nearly double the available amount—enabling Oakland to secure lower borrowing costs through oversubscription by 26 investment firms.
The bond issuance included both tax-exempt and taxable portions: $143.5 million in tax-exempt bonds with a 30-year maturity at a 3.99% borrowing cost; $191 million in taxable bonds with a 24-year maturity at a 5.55% borrowing cost; and an additional $49 million in tax-exempt refinancing that is projected to save taxpayers $5.6 million through 2039.
Funds from these bonds will support projects under Measure U Authorization such as affordable housing developments, roadway safety upgrades, infrastructure improvements, as well as renovations of parks, libraries, senior centers, and other public amenities. The City Council approved both the bond sale and project list earlier this year.
City Administrator Jestin Johnson commented on the process: “We deeply appreciate the work of our finance team and underwriting partners who help position Oakland as a trustworthy investment and vibrant, resilient City. An incredible team of City professionals and partner firms went above and beyond to make this happen, and I want to recognize them by name for their invaluable contributions.”
Johnson also acknowledged PFM Financial Advisors LLC as municipal advisor; Siebert Williams Shank & Co., LLC (an Oakland-based firm) as Senior Manager; Loop Capital Markets LLC; and BofA Securities Inc., which served as co-managers during the transaction.
The pricing stage set final terms between Oakland officials and investors ahead of closing when funds will be delivered—scheduled within two weeks of pricing. Once closed, funding will be immediately accessible so individual capital projects can begin based on readiness.
