BofA to accept California IOUs - New Mexico Business Weekly:

http://narcap.org/international/intlorgscases.htm
BofA says the state’s budget crisis prompted its decision. “Tko support our customers, while giving the state legislature additional time to pass a we will acceptCalifornia state-registered warrants — or IOUs from existing customers and clients,” Charlotte-basec BofA (NYSE:BAC) says in a writtenj statement. San Francisco-based Wellxs (NYSE:WFC) says it is acceptingh the warrants for the sake ofits "We are reluctant to take this step, but are doinfg so to help our customer s who are not at fault and with the expectationn that the legislature and governorr will complete the budget within days," Wells says. On Gov.
Arnold Schwarzenegger blasted statee lawmakers for failing to pluga $24 billion hole in the stat budget before the start of the new fiscall year. And he called a special session of the statse legislature to fix thebudget mess. Failure to pass a budgetr by midnight Tuesday increases the shortfall to morethan $26 billiomn due to the loss of education-related budgef fixes, Schwarzenegger said at a preszs conference Wednesday. He also announcerd an executive order adding a thirdx furlough day each month forstate workers, a move expecterd to free up an additional $425 million in the new fiscap year. Although the governor called for thespecial session, it is up to the legislaturre to schedule it.
When it will be held is yet to be BofA and Wells are the largest banksd inNew Mexico.