California's financial crisis has prompted Los Angeles County to delay plans to borrow $1.1 billion by selling short-term notes, saying it wanted to give investors more information about the potential effects that state budget cuts would have on county finances.
The 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 until expected tax payments come in.
The note sale had been scheduled for Thursday. But Glenn Byers, assistant treasurer for the county, said officials wanted to go back to Wall Street investors to brief them on the state's latest cost-cutting proposals. He said the county now hoped to get the note sale done late next week.
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