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What are State of Californias Revenue Anticipation Notes (RANs)?

April 26, 2017anticipation notes rans revenue State

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What are State of Californias Revenue Anticipation Notes (RANs)?

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RANs are short-term notes that fund the States cash management needs during a fiscal year. Each note is a promise by the State to repay investors the amount of money borrowed (the principal), plus interest, from the States available monies at the end of that fiscal year.