California's New Credit

Saskal, Rich
November 2004
Bond Buyer;11/9/2004, Vol. 350 Issue 32007, p1
Trade Publication
Reports on the creation of a new product for the municipal bond industry which lets local governments securitize repayments, after voters approved Proposition 1A in California. Aim of the proposition to limit the state's ability to seek funding from local government coffers when it has a budget crisis; Constraint imposed by the new law on the budget process; Expected impact of the proposition on the credit quality of local governments.


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