California Wants To Repay I.O.U.’s
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The state of California has announced that they would like to make good on over $50 Millon in uncashed I.O.U.’s–also known as Registered Warrants–to some 59,000 residents and businesses as a result of last years budget crisis; almost half of which are due to Los Angeles County residents.
John Chiang, the state controller, promised Thursday to contact every one of the nonredeemers in an effort to “close an ugly chapter in California fiscal history.” Mr. Chiang practically begged them to drain...