California May Borrow Up to $1 Billion as Cash Crisis Looms
February 08, 2012, 11:08 AM ESTBy James Nash and Michael B. Marois
Feb. 1 (Bloomberg) -- California may seek a loan from Wall Street of as much as $1 billion to pay bills as the most populous U.S. state’s tax collections trail budgeted amounts, the Treasurer’s office said.
Treasurer Bill Lockyer is drawing up the timing and amount of a so-called revenue-anticipation note sale to address the cash-flow issue, said a spokesman, Tom Dresslar. The issuance will probably be less than $1 billion, he said by telephone. The loan was reported earlier by Dow Jones newswire.
To contact the reporter on this story: Michael B. Marois in Sacramento at mmarois@bloomberg.net
To contact the editor responsible for this story: Mark Tannenbaum at mtannen@bloomberg.net
