LOS ANGELES -- A $750 million sale of governmental warrants needed by fiscally strapped California is being delayed by Gov. Pete Wilson's reluctance to appropriate special funds for borrowing costs, state sources said.

State Controller Gray Davis has said the state must sell reimbursement warrants, a form of IOU resembling a short-term note issue, within the next four weeks so California can pay its bills through the fiscal year ending June 30.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.