Last week I mentioned the 2009 California Treasury Warrants in a discussion about how the U.S. could use such warrants if Congress doesn’t raise the debt ceiling. I noted that we hadn't seen an image of one of these warrants yet.
David Klinger writes:
When California sent out IOU slips (warrants) instead of checks for income tax refunds in 2009 (for tax year 2007), many ended up getting one in the mail. Here is a redacted scan of one:
Thanks! I was beginning to wonder if these were actually issued in the first place. Dave also provided the following link for more information in the program.
Are you still holding a registered warrant (IOU) issued by the State in 2009?
State of California registered warrants (IOUs) issued in 2009 continue to be redeemed.
The State issued 450,000 IOUs worth $2.6 billion between July 2, 2009, and Sept. 4, 2009, when the IOUs matured.
A registered warrant is a “promise to pay,” or an IOU, that is issued by the State when there are not enough funds to pay all of its General Fund obligations. Registered warrants bear interest and are redeemable by the State Treasury only when the General Fund has sufficient money.
For more information, see:
Frequently Asked Questions about Registered Warrants (IOUs) Issued by the State in 2009
To read the earlier E-Sylum article, see:
COULD THE U.S. GOVERNMENT ISSUE WARRANTS?
Wayne Homren, Editor
The Numismatic Bibliomania Society is a non-profit organization
promoting numismatic literature. See our web site at coinbooks.org.
To submit items for publication in The E-Sylum, write to the Editor
at this address: email@example.com
To subscribe go to: https://my.binhost.com/lists/listinfo/esylum
Copyright © 1998 - 2020 The Numismatic Bibliomania Society (NBS)
All Rights Reserved.
NBS Home Page
Contact the NBS webmaster