SACRAMENTO, Calif. — California officials are at a loss to explain why $50 million worth of IOUs issued during last year's fiscal crisis have not been cashed.
Controller John Chiang and Treasurer Bill Lockyer will begin mailing letters Friday to those who have yet to redeem the nearly 90,000 outstanding IOUs. They stopped earning interest in September.
The letters explain how to redeem IOUs and include a preaddressed envelope.
The cash-strapped state issued $2.6 billion in IOUs to 450,000 vendors, taxpayers and other creditors last summer to get through its budget crunch.
In Los Angeles, $9.8 million in IOUs remain uncashed. In San Francisco, $1.4 million worth are outstanding.
Information from: San Francisco Chronicle, http://www.sfgate.com/chronicle