And the IOU's go out

**40sondacurb** · 07-02-2009, 01:11 PM

California will begin to print and send out tens of thousands of IOUs this afternoon to pay its bills, the latest black eye for the state and its broken budget system.

A state panel this morning voted to set a 3.75 percent interest rate on the IOUs, formally known as registered warrants, the final trigger before officials begin using scrip in lieu of actual cash to pay billions of dollars in obligations. It will be the first time since 1992 that vendors, taxpayers awaiting refunds, and social service providers will receive IOUs from the state, which will mature on Oct. 2. unless banks agree to honor them sooner.

So far, Bank of America and Wells Fargo have said they will accept IOUs from customers through July 10

http://www.mercurynews.com/localnews...nclick_check=1

This is how we handle business in Cali
YouTube - Dumb & Dumber -- Empty Suitcase of Money

ddrfan · 07-02-2009, 08:19 PM

our government fails :(

well, there goes my cal grant

**simpswr** · 07-03-2009, 02:18 PM

Can you say " Self inflicted wound"???

07-02-2009, 01:11 PM	#1 (permalink)
40sondacurb Don't be a menace Join Date: Jan 2005 Posts: 6,285 OS: Vista sp2	And the IOU's go out California will begin to print and send out tens of thousands of IOUs this afternoon to pay its bills, the latest black eye for the state and its broken budget system. A state panel this morning voted to set a 3.75 percent interest rate on the IOUs, formally known as registered warrants, the final trigger before officials begin using scrip in lieu of actual cash to pay billions of dollars in obligations. It will be the first time since 1992 that vendors, taxpayers awaiting refunds, and social service providers will receive IOUs from the state, which will mature on Oct. 2. unless banks agree to honor them sooner. So far, Bank of America and Wells Fargo have said they will accept IOUs from customers through July 10 http://www.mercurynews.com/localnews...nclick_check=1 This is how we handle business in Cali YouTube - Dumb & Dumber -- Empty Suitcase of Money __________________ Donate to keep the forum running

07-02-2009, 08:19 PM	#2 (permalink)
ddrfan Registered User Join Date: Jul 2009 Location: california Posts: 68 OS: windows vista ultimate sp2	Re: And the IOU's go out our government fails :( well, there goes my cal grant

07-03-2009, 02:18 PM	#3 (permalink)
simpswr Moderator Hardware Team Join Date: May 2007 Location: Houston, Texas Posts: 11,916 OS: XP, Vista, Win 7	Re: And the IOU's go out Can you say " Self inflicted wound"??? __________________ Rich MemTest86 \| BenchTest \| Virus/Trojan/Spyware Help How to post a Screen Shot \| PC running slow?