SAN DIEGO -- Lease issuance in California is surging to new highs this year, but many issuers are getting close to the limit that their budgets will permit, California officials and dealers said late last week.

Certificate of participation issues by the state's 7,000 local governments jumped 60%, to $3.35 billion in the first three quarters of this year from about $2 billion during the same period last year, said Steve Juarez, executive secretary of the California Debt Advisory Commission, during the Association for Governmental Leasing and Finance conference held here on Thursday and Friday.

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