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Article: California Property Tax Deal Squeezes Through Logjam; Senate OKs Securitization That Could Total $2 Billion.(Market News)
- Article from:
- The Bond Buyer
- Article date:
- October 16, 2009
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Byline: Rich Saskal
SAN FRANCISCO - A bond deal expected to approach $2 billion is heading for the November calendar, after a California Senate vote this week.
The California Statewide Communities Development Authority deal will securitize the repayment of property tax revenue that the state government borrowed from local agencies.
The bill was one of dozens that stalled on the Senate floor before the regular session adjourned in mid-September amid a dispute between the two top party leaders, President pro tempore Darrell Steinberg, D-Sacramento, and Republican leader Dennis Hollingsworth, R-Murrieta.
The bills were urgency measures, ...