Aug 13th, 2009 - Wall Street Journal
NEW YORK -- California will have enough cash to enable the hard-pressed state to stop issuing IOUs on Sept. 4, Controller John Chiang said Thursday.
He said current cash-flow projections show the Golden State still needs to borrow $10.5 billion to meet its cash needs for the current fiscal year that started July 1.
"Based on the State Treasurer's assurance that he will be able to obtain an interim $1.5 billion loan by Aug. 28, the Controller set Sept. 4 as the date he could stop issuing IOUs and the Treasurer may begin redeeming those that have already been issued," Mr. Chiang's office said in a press release.
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