July 3, 2009 7:19 AM

With budget talks at impasse, California issues IOUs

The state controller's printing presses began churning out 28,742 so-called registered warrants worth $53.3 million that would be mailed to people awaiting state tax refunds. The IOUs pay 3.75 percent interest and can be redeemed after Oct. 2. Several of the state's leading banks said they would accept the IOUs, but only until July 10.

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