California to Meet Cash Needs With $11 Billion in Raws

Finestone, Deborah
June 2003
Bond Buyer;6/3/2003, Vol. 344 Issue 31648, p3
Trade Publication
California expects to sell $11 billion in revenue anticipation warrants on June 11, 2003 with ratings on the record-setting issue to appear in the next few days. Proceeds will meet the state's near-term cash needs as it faces a $38 billion budget shortfall. Seven banks have signed forward-warrant purchase agreements in case the state needs cash to refund the warrants but can't access the credit market because of economic or budgetary obstacles. Besides committing banks to purchase refunding warrants, the agreements this year will also impose fewer requirements on the state and give potential bidders fewer opportunities to back out.


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