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Revenue Anticipation Warrants

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BUSINESS
July 18, 1994 | From Times staff reports
State to Issue Debt: California on Wednesday will sell $4 billion in revenue anticipation warrants, or RAWs, that will mature in April, 1996. The mammoth debt offering, to be followed by a $3-billion offering of 11-month notes on July 27, will allow the state to close its huge budget gap temporarily without additional cuts in services. The RAWs are expected to yield at least 4.
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NEWS
July 29, 1994 | PAUL JACOBS, TIMES STAFF WRITER
Former State Treasurer Tom Hayes attacked his successor, gubernatorial candidate Kathleen Brown, for her conduct as treasurer Thursday--blaming her for a potentially serious technical mistake in the sale of $4 billion in state warrants. At a news conference arranged by Gov. Pete Wilson's campaign committee, Hayes contended that the error in last week's sale could have cost the state millions of dollars had it not been promptly corrected.
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BUSINESS
July 13, 1994 | TOM PETRUNO
The state of California will borrow a record amount of short-term money during the next two weeks to close its horrendous budget gap. For individual investors hungry for high short-term returns, the state's cash needs spell opportunity: Depending on your tax bracket, the yields on this debt could be lucrative. Next Wednesday, California will sell $4 billion in revenue anticipation warrants (RAWs) maturing in 22 months (on April 25, 1996).
BUSINESS
July 18, 1994 | From Times staff reports
State to Issue Debt: California on Wednesday will sell $4 billion in revenue anticipation warrants, or RAWs, that will mature in April, 1996. The mammoth debt offering, to be followed by a $3-billion offering of 11-month notes on July 27, will allow the state to close its huge budget gap temporarily without additional cuts in services. The RAWs are expected to yield at least 4.
NEWS
July 29, 1994 | PAUL JACOBS, TIMES STAFF WRITER
Former State Treasurer Tom Hayes attacked his successor, gubernatorial candidate Kathleen Brown, for her conduct as treasurer Thursday--blaming her for a potentially serious technical mistake in the sale of $4 billion in state warrants. At a news conference arranged by Gov. Pete Wilson's campaign committee, Hayes contended that the error in last week's sale could have cost the state millions of dollars had it not been promptly corrected.
BUSINESS
July 3, 2009 | Tom Petruno
Wall Street is looking forward to learning California's short-term borrowing plans -- once Sacramento produces a fiscal 2010 budget more or less in balance. The bond market has been expecting that the state would seek short-term financing to bridge the gap between current cash needs and future tax revenue. Normally, this kind of borrowing -- via so-called revenue anticipation notes, or RANs -- is no big deal.
BUSINESS
July 21, 1994 | TOM PETRUNO, TIMES STAFF WRITER
Cash-strapped California successfully floated $4 billion in short-term debt Wednesday, but the state was forced to offer most of the securities with a costly bank guarantee of repayment. The short-term bonds, maturing in April, 1996, were purchased by major Wall Street brokerages that will resell them to institutional and individual investors.
BUSINESS
July 22, 2009 | Tom Petruno
If the budget deal reached in Sacramento on Monday is more than smoke and mirrors, California should soon be able to stop issuing IOUs and turn back to Wall Street for short-term financing. But before that can happen, state Treasurer Bill Lockyer and Controller John Chiang will have to determine how much cash will be coming in the door this fiscal year, and how much less will be going out because of budget cuts.
CALIFORNIA | LOCAL
January 23, 2002 | DAN MORAIN, TIMES STAFF WRITER
SACRAMENTO -- Controller Kathleen Connell, who must track California's cash flow, warned Tuesday that the state will end the fiscal year with virtually no money to pay its bills, and may have to borrow as much as $8 billion next year. Even under Davis' more optimistic view, Connell said, the state could be forced to borrow $2 billion in the new fiscal year that begins July 1.
CALIFORNIA | LOCAL
June 3, 2003 | Carl Ingram, Times Staff Writer
In a tactical move intended to keep the state budget moving forward, Senate Democrats on Monday forced a skeleton California budget through the upper chamber, stripping the bill of its specifics and thus ducking for the moment a looming inter-party fight over how to balance the state's finances. Democrats easily overcame Republican opposition to the bill and sent it to the Assembly, but to get the measure through, all sections of it that specified how money would be spent were removed.
BUSINESS
July 13, 1994 | TOM PETRUNO
The state of California will borrow a record amount of short-term money during the next two weeks to close its horrendous budget gap. For individual investors hungry for high short-term returns, the state's cash needs spell opportunity: Depending on your tax bracket, the yields on this debt could be lucrative. Next Wednesday, California will sell $4 billion in revenue anticipation warrants (RAWs) maturing in 22 months (on April 25, 1996).
BUSINESS
July 21, 1994 | From Times Wire Services
The biggest rally in the Treasury market in three months suffered a major setback Wednesday after Federal Reserve Board Chairman Alan Greenspan delivered a stern warning that more interest rate increases may be needed to rein in inflation. Stocks also followed bond prices lower. Bond yields soared and prices plunged as Greenspan's remarks deflated hopes among fixed-income investors that the central bank had become less nervous about the U.S. economy's rate of expansion.
CALIFORNIA | LOCAL
May 19, 2008 | GEORGE SKELTON
Maybe it's about time for some very drastic ballot box budgeting by California voters. Ballot box budgeting -- voters stepping in and calling the shots on spending and taxes, preempting their elected representatives -- has been the scourge of Sacramento. Initiatives that cut or raise taxes and set aside money caches for pet programs bind politicians in straitjackets and cripple their ability to set priorities.
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