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Registered Warrants

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NEWS
July 23, 1992 | MARTHA GROVES, TIMES STAFF WRITER
Hoping to placate banks upset at the prospect of having to sit indefinitely on a pile of state IOUs, Controller Gray Davis said Wednesday that California has enough money to begin redeeming $922 million in registered warrants Aug. 3. Without a state budget since July 1, the state has issued more than $1 billion in so-called registered warrants to pay its bills. Meanwhile, tax collections and other funds have continued to roll in, Davis said in a telephone interview, and the state has about $1.
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CALIFORNIA | LOCAL
August 22, 2009 | Patrick McGreevy
California's finances have stabilized enough that on Friday the state was taken off one watch list of debtors facing possible bond-rating downgrades. Getting off the Moody's Investor Services "watch list" means there is less threat of a ratings reduction that would cost taxpayers millions of dollars more when the state borrows money. Moody's action came a month after the governor and Legislature plugged a $23.6-billion budget hole by making deep cuts in spending. "The outlook on the state of California is stable at this time, based on the expectation that the state will deal with any further challenges to its budgetary balance and liquidity without another major cash crisis," Moody's said.
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NEWS
January 8, 1993 | DANIEL M. WEINTRAUB, TIMES STAFF WRITER
State Controller Gray Davis warned Thursday that the government will run out of cash this spring and begin paying its bills with IOUs again unless Gov. Pete Wilson agrees to borrow enough money to get the government through the fiscal year, which ends June 30. With Wilson preparing to announce his proposed budget today, Davis said the state's general fund will be $2 billion in the hole by mid-May because the bills it has to pay will exceed the amount of available tax revenue.
BUSINESS
October 16, 2008 | Tom Petruno, Times Staff Writer
What credit crunch? Californians are falling over themselves to extend credit to the Golden State, which is floating an offering of short-term IOUs this week. But robust demand for the tax-free debt will mean lower yields than investors might have hoped. Treasurer Bill Lockyer on Wednesday boosted the size of the state's offering of so-called revenue anticipation notes to $4.5 billion from $4 billion, amid a huge wave of orders from individual investors. Those orders totaled $3.
NEWS
June 30, 1992 | PAUL JACOBS, TIMES STAFF WRITER
Not since the Great Depression has California been forced to issue IOUs in place of checks to pay what it owes to government workers, county welfare agencies, doctors and hospitals, and others who provide government with needed products and services. But the state will have little choice but to do just that Wednesday unless Gov. Pete Wilson and the Legislature are able to reach agreement on handling a record $10.7-billion shortfall by adopting a budget for the new fiscal year that begins July 1.
NEWS
June 30, 1992 | MARTHA GROVES, TIMES STAFF WRITER
Here's a glimmer of good news for Gov. Pete Wilson and the state's legislators as their budget wrangling goes down to the wire: At least the lights won't all go off at once if the state has to resort to paying its bills with IOUs on Wednesday. "We wouldn't randomly turn everything off," said Tony Ledwell, a spokesman for Pacific Gas & Electric, the giant San Francisco utility. "We would treat the state government like any other customer. We would be willing to sit down and negotiate."
NEWS
December 3, 1992 | VIRGINIA ELLIS and CARL INGRAM, TIMES STAFF WRITERS
A federal judge ruled Wednesday that California acted illegally last summer when it paid about 100,000 state employees with IOUs instead of cash during the long budget deadlock. State Controller Gray Davis immediately said that the decision by U.S. District Judge Garland Burrell Jr. of Sacramento sets a precedent and that it could prevent the state from ever issuing IOUs.
NEWS
July 24, 1992 | PAUL JACOBS, TIMES STAFF WRITER
Three of California's largest banks announced Thursday that they soon will stop accepting the IOUs that are being used to pay state government workers and suppliers. Bank of America, the state's largest financial institution, announced that beginning Aug. 5 it will stop honoring the IOUs. Wells Fargo Bank and Union Bank also warned that they will not accept registered warrants dated after July 31. The announcements added a new urgency to budget negotiations between Gov.
NEWS
July 22, 1992 | MARTHA GROVES, TIMES STAFF WRITER
As California heads into its fourth week of paying its bills with IOUs--nearly $860 million worth to date--banks and credit unions say they are losing patience with their role as chief bailer in the leaky ship of state. So far, despite a steady stream of rumors to the contrary, the major financial institutions continue to honor the so-called "registered warrants."
NEWS
May 30, 1996 | From Staff and Wire Reports
A federal judge has approved a settlement in a $558-million lawsuit against Gov. Pete Wilson's administration in which state workers said they were hurt by the use of IOUs during the 1992 budget stalemate. Under the terms of the agreement approved Tuesday by U.S. District Judge Garland Burrell, workers will get additional vacation time. In the case of retirees or those who no longer work for the state, they will receive up to $980 each in damages.
NEWS
May 30, 1996 | From Staff and Wire Reports
A federal judge has approved a settlement in a $558-million lawsuit against Gov. Pete Wilson's administration in which state workers said they were hurt by the use of IOUs during the 1992 budget stalemate. Under the terms of the agreement approved Tuesday by U.S. District Judge Garland Burrell, workers will get additional vacation time. In the case of retirees or those who no longer work for the state, they will receive up to $980 each in damages.
NEWS
June 1, 1995 | JODI WILGOREN, TIMES STAFF WRITER
Orange County won a legal victory Wednesday that will enable it to pursue the cheapest way to repay part of its debts to the cities, schools and special districts that accepted county IOUs in place of a portion of their investment pool deposits. But timing problems and procedural issues will probably force the county to rely on a more expensive repayment option, at least for a year. Superior Court Judge James L.
NEWS
June 16, 1994 | DANIEL M. WEINTRAUB, TIMES STAFF WRITER
Raising the specter of issuing IOUs once again, state Controller Gray Davis said Wednesday that Gov. Pete Wilson's proposed budget "does not fly" because the state cannot show that it will have sufficient cash to repay the loans on which Wilson's plan depends. A $2.
NEWS
August 13, 1993 | Associated Press
The state must pay its employees on their scheduled paydays even if a state budget has not been passed, a federal appeals court ruled Thursday. The 2-1 decision in a 1990 case by the U.S. 9th Circuit Court of Appeals could lead to double pay for thousands of state workers paid in IOUs during last year's budget impasse, a union lawyer said.
NEWS
February 26, 1993 | DANIEL M. WEINTRAUB, TIMES STAFF WRITER
Controller Gray Davis disclosed a plan Thursday to stave off the state's looming cash shortage and prevent the issuance of IOUs, at least through the end of the current fiscal year on June 30. But Davis said Gov. Pete Wilson is resisting a more ambitious effort that could get the state through the end of August without using IOUs--even if the Legislature does not enact a budget on time.
NEWS
January 8, 1993 | DANIEL M. WEINTRAUB, TIMES STAFF WRITER
State Controller Gray Davis warned Thursday that the government will run out of cash this spring and begin paying its bills with IOUs again unless Gov. Pete Wilson agrees to borrow enough money to get the government through the fiscal year, which ends June 30. With Wilson preparing to announce his proposed budget today, Davis said the state's general fund will be $2 billion in the hole by mid-May because the bills it has to pay will exceed the amount of available tax revenue.
NEWS
February 26, 1993 | DANIEL M. WEINTRAUB, TIMES STAFF WRITER
Controller Gray Davis disclosed a plan Thursday to stave off the state's looming cash shortage and prevent the issuance of IOUs, at least through the end of the current fiscal year on June 30. But Davis said Gov. Pete Wilson is resisting a more ambitious effort that could get the state through the end of August without using IOUs--even if the Legislature does not enact a budget on time.
NEWS
July 2, 1992 | PAUL JACOBS and MARTHA GROVES, TIMES STAFF WRITERS
With Gov. Pete Wilson and the Legislature unable to resolve budget differences, the state mailed IOUs in place of checks Wednesday to 12,000 people awaiting income tax refunds--the first time the state has been forced to use them since the Great Depression. As the deadlock stretches further into the new fiscal year, more of the promissory notes will be printed and distributed, possibly reaching the hundreds of thousands before the state returns to financial health, officials said.
NEWS
December 3, 1992 | VIRGINIA ELLIS and CARL INGRAM, TIMES STAFF WRITERS
A federal judge ruled Wednesday that California acted illegally last summer when it paid about 100,000 state employees with IOUs instead of cash during the long budget deadlock. State Controller Gray Davis immediately said that the decision by U.S. District Judge Garland Burrell Jr. of Sacramento sets a precedent and that it could prevent the state from ever issuing IOUs.
NEWS
September 3, 1992 | PAUL JACOBS, TIMES STAFF WRITER
Now that there's finally a state budget, officials have started the arduous task of clearing away the government's backlog of bills and revving up its financial engines again after operating for more than two months without spending authority. And very soon, the once-Golden State, which was reduced to paying its bills with IOUs or not paying them at all, will again be flush with cash.
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