For the first time since 1992, the state is issuing IOUs. California does not have enough cash on hand to pay all of its bills.
* Recipients include businesses, local governments and taxpayers expecting refunds. Total: $3 billion by the end of July without a balanced budget.
* Vouchers, which look like checks but are stamped REGISTERED, bear 3.75% interest.
* Redeemable at some banks. Wells Fargo and Bank of America will cash them through July 10. Otherwise redeemable from the state or banks Oct. 2 or earlier if the state's cash flow improves sufficiently.
* More information:
Call (866) 267-4255. On the Web: www.sco.ca.gov/5935.html
Sources: state controller's office, Times reporting
