California Issues Last of IOUs 9/4/09

As the state issued its final IOU yesterday, two of California's leading banks have announced they'll resume honoring the notes. The state began issuing IOUs on July 2 in order to conserve cash as the state Legislature wrestled with a $26 billion deficit. Wells, BofA and other leading banks refused to accept IOUs after July 10, creating a cash flow crisis for many nonprofits and other state vendors. Details: http://www.sacbee.com/politics/story/2159610.html?mi_rss=State%2520Politics.