SAN FRANCISCO - California has issued a preliminary official statement for a $4 billion revenue anticipation note issue that it plans to price next week, amid continuing concerns over the market's ability to absorb such a deal during the ongoing credit crunch.

"We're proceeding full speed ahead with that plan," said Tom Dresslar, spokesman for state Treasurer Bill Lockyer. "That said, obviously the markets remain extremely uncertain, to put it mildly."

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