California Approves Bonds, Cuts

Finestone, Deborah
May 2003
Bond Buyer;5/2/2003, Vol. 344 Issue 31627, p1
Trade Publication
California Legislature has approved on May 1, 2003 the sale of 1.85 billion dollars of pension bonds along with a package of 1.76 billion dollars in budget cuts, taking the first major steps in a month toward making an improvement in the state's budget deficit. Governor Gray Davis approved of the bipartisan progress that has been made towards closing the budget shortfall, though the parties remain divided on the issue of raising taxes, with the minority Republicans opposed to the idea. It is unlikely the state will issue more bonds to finance payments due to the California State Teachers Retirement System as previously thought, which would have meant a 2.2 billion dollar pension bond sale.


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