Getting your player ready...
SACRAMENTO, Calif. — California’s top financial officers said Thursday that they will stop issuing IOUs, ending a practice that became the most visible symbol of the state’s fiscal crisis.
The decision came after meetings involving Controller John Chiang, Treasurer Bill Lockyer and Gov. Arnold Schwarzenegger’s financial advisers, who needed to review California’s cash flow and assess investors’ appetite for buying California bonds.
Chiang said he is confident he will be able to get an interim loan of $1.5 billion by Aug. 28, allowing the state to start cashing the IOUs given to individuals and businesses.
