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closeBank of America has announced it will take warrants, or IOUs, from the state of California through July 10 for its existing customers.
Such warrants are expected to be given to county governments for numerous health and welfare programs and to state contractors and vendors after the governor and legislature failed to reach agreement on a budget.
In San Luis Obispo County, for example, landlords who rent to the state will receive such warrants. And the county itself expects to receive $1 million in warrants a month for cancer screening, mental health counseling, alcohol counseling and more.
The warrants will have an October date on them, according to the state Controller’s Office, which is when the state expects to have the money to cover the warrants.
Unlike in 1992, when such IOUs were issued, state employees will not receive such IOUs.
Bank of America spokeswoman College Haggerty said the bank wants to help its customers who are affected by the budget issues.
But she said the bank did learn in 1992 that the longer banks would take the warrants, the longer it took for the state to resolve the budget questions.
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