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In fact, California has been using RANs since 1992. Originally it was a stopgap forced by a cash crisis brought on by the recession (CA tried to pay state workers with IOUs, which the courts rejected). But it worked out so well that the state began using them as a matter of routine finance, particularly to cover expenses between November and April (when income tax revenues come in).

And the world will live as one
by Montereyan (robert at calitics dot com) on Wed Apr 28th, 2010 at 05:03:40 PM EST
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