California State and Local Officials Wary of Budget Plan's Long-Term Success

Williams, Rochelle
May 2003
Bond Buyer;5/19/2003, Vol. 344 Issue 31638, p4
Trade Publication
The article focuses on concerns of municipal officials on California Governor Gray Davis' revised budget plan. California plans to sell at least $11 billion of revenue anticipation warrants on June 11, 2003 and possibly another $5 billion of revenue anticipation notes after that, which has caused concern in the market about the oversupply of such California paper. Davis' $100 billion budget plan calls for the issuance of $10.7 billion of deficit bonds supported by a half-cent sales tax to help meet a budget shortfall calculated at $38.2 billion.


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