Local California Governments Get Cash Infusion From $455M VLF Deal

Saskal, Rich
March 2005
Bond Buyer;3/2/2005, Vol. 351 Issue 32081, p6
Trade Publication
The article reports that many local governments in California will get a cash infusion with an unusual deal slated to price today. In 2003, the state government held back $1.3 billion in vehicle license fee payments that were to have been distributed to cities and counties, promising to repay them in 2006. Today's transaction, by the California Statewide Communities Development Authority, allows those local governments to assign their right to that future repayment to investors in return for immediate cash.


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