SAN FRANCISCO — A new report from the California Debt and Investment Advisory Commission found that more than one in four issuers in the state failed to file their annual financial reports on time.

The CDIAC report found that on average, 72% of California issuers, both state and local, filed their fiscal 2010 comprehensive annual financial reports on time with the Municipal Securities Rulemaking Board as promised in their official statements for bonds issued from 2005 to 2009.

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