Cash-short California OKs 3.75 pct rate for 'IOUs'
SAN FRANCISCO, July 2 |
SAN FRANCISCO, July 2 (Reuters) - Facing a cash crisis without a state budget agreement, California officials approved on Thursday a 3.75 percent interest rate and Oct. 2 maturity date for registered warrants, or "IOUs," the state will issue in lieu of payments to vendors, local agencies and individuals owed money. (Reporting by Jim Christie; Editing by James Dalgleish)
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