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Tax anticipation notes are used by municipalities to bridge funding gaps. In the U.S. state of California, Revenue Anticipation Notes (RANS) are issued and paid back within a fiscal year, while Revenue Anticipation Warrants (RAWS) are issued on a fiscal year and paid back the following fiscal year. [2]
State law generally sets the conditions under which a local government can issue general obligation debt, including the type of security that is available: A limited-tax general obligation pledge requires a local government to levy a property tax sufficient to meet its debt service obligations but only up to a statutory limit.
A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation.
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The MSRB was created by the Section 15B of the Securities Exchange Act of 1934 (as amended by the Securities Acts Amendments of 1975, Pub. L. 94–29, and codified at 15 U.S.C. § 78o-4(b)) to create a mechanism for the regulation of municipal securities as well as brokers, dealers, and banks in the municipal securities business.
Like most states, California is divided into counties, of which there are 58 (including San Francisco) [note 1] covering the entire state. Most urbanized areas are incorporated as cities, [note 2] though not all of California is within the boundaries of a city. School districts, which are independent of cities and counties, handle public education.
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From April 1, 2009 until June 30, 2011, the state sales and use tax increased by 1% from 7.25% to 8.25% as a result of the 2008-2009 California budget crisis. [31] [32] Effective January 1, 2013, the state sales and use tax increased by 0.25% from 7.25% to 7.50% as a result of Proposition 30 passed by California voters in the November 6, 2012 ...