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California Taxpayers Will Pay Interest On I.O.U. Warrants

Sacramento, CA — California taxpayers will pay nearly $10 million in interest on the nearly half a million IOUs the state has issued this summer.

The Controller’s Office reported that it issued its final IOU yesterday to cover a $41.60 cab fare.

California ran short of cash this summer amid a budget deficit and handed out warrants to vendors and contractors.

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