L.A. County delays borrowing $1.1 billion amid state woes
L.A. County has been struggling financially, but now Tom Petruno reports a new wrinkle on The Times' Money & Co. blog:
More fallout in the municipal debt market from California's financial crisis: Los Angeles County today delayed plans to borrow $1.1 billion via short-term notes, saying it wants to give investors more information about the potential effects on county finances from state budget cuts. L.A. County routinely borrows money at this time of year via so-called tax and revenue anticipation notes, which provide a cash bridge to cover expenses ahead of future tax payments. The note sale had been scheduled for Thursday. But Glenn Byers, assistant treasurer for the county, said officials want to go back to Wall Street investors to brief them on the state’s latest cost-cutting proposals.