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Instead, they may be drawn against "available funds" or "out of fund 0027" so that the issuer can collect interest on the float or delay redemption. If the warrant is conditional on funds being available, the warrant is not a negotiable debt instrument .
The state government ran out of cash reserves on July 2 and began paying employees and contractors with IOUs, [3] which major banks agreed to honor for the time being. [4] After a period of negotiation, the legislature and governor agreed on an austere $54.7 billion budget which reduced entitlement payments and public services.
Beginning tomorrow, California will issue IOUs to elderly, disabled and welfare recipients who are due checks because the governor and the legislature failed to agree on a spending plan before the ...
News reports and commentators have cited the state's various legislative supermajority requirements as a contributing factor to the state budget crisis. [23] [24] The state has a long history of supermajority requirements with a 1933 state ballot measure mandating a two-thirds supermajority to pass the state budget and California Proposition 13 (1978) mandating another two-thirds supermajority ...
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An IOU (abbreviated from the phrase "I owe you" [1] [2]) is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment. IOUs usually specify the debtor, the amount owed, and sometimes the creditor.
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