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California will issue IOUs starting next week

June 25, 2009 /

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Bear Paw Development Corporation is a private non-profit organization created for the purpose of administering programs to help improve regional economic conditions in Hill, Blaine, Liberty, Chouteau and Phillips Counties and the Fort Belknap and Rocky Boy's Indian Reservations.

California could begin issuing IOUs on July 2 unless the governor and lawmakers reach a budget deal, the latest challenge for the financially strapped state.

On Wednesday, the state starts “a fiscal year with a massively unbalanced spending plan and cash shortfall not seen since the Great Depression,” State Controller John Chiang said in a news release.

Full Story: http://www.bizjournals.com/sanfrancisco/stories/2009/06/22/daily39.html