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The San Jose Mercury News
California avoids cash crunch with sale of bonds
SACRAMENTO — Concerns that California would run out of money later this month ended today after the state successfully sold $5 billion of short-term bonds despite troubles in the credit market. Full Article at The San Jose Mercury News
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While the state needs to borrow a total of $7 billion for the fiscal year that ends June 30, California officials decided initially to try borrowing $4 billion this week given the recent Wall Street meltdown and worldwide credit crunch. Full Article at San Francisco Chronicle
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Investors have spoken: The Golden State is still golden. Full Article at Sacramento Bee
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LOS ANGELES, Oct. 16 (Xinhua) -- California has successfully sold 5 billion U.S. dollars of short-term bonds, ending earlier concerns that the state would run out of cash by the end of this month amid the current credit crunch, officials said... Full Article at Xinhua
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California has narrowly averted a cash crisis after successfully raising $5bn in the credit markets, with most of the money coming from retail investors who answered a rallying call from Arnold Schwarzenegger. Full Article at Financial Times
Related Quotes
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What happened was the market just froze up for these securities. No one was interested in them
SOURCE: Los Angeles Times -
Unfortunately the reality is that (with the sale of the RANs) we've avoided the worst case scenario, which is not being able to pay our bills ... And the bad news is that we'll probably need to float more debt because of the current state of the economy. Corporate taxes will be down, retail sales tax wi...
SOURCE: San Francisco Chronicle -
It's certainly good that California was able to get this done, but it's not over. The market is still quite tied up in the credit liquidity crunch
SOURCE: Los Angeles Times -
The success of this deal far surpassed all expectations ... Californians stepped up and invested in record numbers, showing their faith in the state's strong credit.
