When Schwarzenegger signed California's revised $85 billion budget two weeks ago, it gave the state the leeway to seek short-term loans to cover its daily expenses, ending the need for the IOUs.
Chiang says the state will need to borrow $10.5 billion for the coming fiscal year.
He's also recommending the state start redeeming the $1.95 billion in IOUs on Sept. 4.
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