Redeeming IOUs

The state's registered warrants will be available for redemption on Sept. 4, a month earlier than expected. Controller John Chiang said the earlier date is due to cash savings from budget cuts. From the LAT:

He said the state also will need $10.5 billion in short-term loans from investors to get through the fiscal year ending June 30. That is about on par with the maximum that Wall Street has been expecting. Treasurer Bill Lockyer said he plans to borrow the money via so-called revenue anticipation notes, or RANs, in mid-September. The RANs, which will be heavily marketed to individual investors, would mature sometime before June 30.