SACRAMENTO, Calif. – The Golden 1 CU bought $500 million in short-term, "revenue anticipation notes" in a private placement deal yesterday morning with the California Treasurer’s Office, part of an effort by the cash-strapped state government to meet its cash-flow requirement through the end of the current fiscal year.
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The state is paying 2.2% interest to Golden 1, and the notes mature on June 23 of this year, said a release from the Treasurer’s office.
That transaction with the Golden 1 CU reduces to $1.5 billion the amount of short-term notes borrowing the state needs to meet its cash-flow requirement through the end of the current fiscal year.
