Aug 06, 2015

California pays off $14 billion in costly debt from 2004

SACRAMENTO, Calif. (AP) — California closed an ugly chapter in its financial history on Wednesday by making its final payment on $14.2 billion in costly borrowing that plugged a budget deficit 11 years ago but eventually cost taxpayers about $5 billion in interest and fees. State Treasurer John Chiang and Director of Finance Michael Cohen announced the final payment of nearly $929 million toward...

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