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Thousands of state IOUs still uncashed

January 14, 2010 | 11:49 am
More than 89,000 people and businesses who received IOUs last year as California stopped paying its bills during the summer budget crunch still haven’t cashed in on the more than $50 million they are owed.

In Los Angeles County, there are still 22,969 unredeemed IOUs worth $9.83 million, according to state officials. State Controller John Chiang and Treasurer Bill Lockyer are mailing letters this week to those still owed funds.

California issued IOUs from July through Sept. 3, 2009 – printing $2.8 billion worth of the scrip. The vast majority of the notes, which stopped earning interest last September, have been redeemed.

-- Shane Goldmacher in Sacramento