Jerry Brown signs bill to avert cash flow crunch
February 3, 2012
Jerry Brown signs bill to avert cash flow crunch
Gov. Jerry Brown has signed legislation allowing the state to borrow $865 million from earmarked funds to help avoid a cash flow problem in March, Brown's office announced today.
Senate Bill 95 was approved by the Legislature on Thursday, after Controller John Chiang warned that without additional borrowing and payment delays, the state would fall into the red by March. The bill mostly involves transportation funds.
The Democratic governor signed the bill without comment.
Capitol Alert: Jerry Brown signs bill to avert cash flow crunch
