SAN FRANCISCO — California city and county officials Thursday laid out the budgetary silver linings that exist amid the dark cloud of the financial crisis that has rained hard on municipalities.

"What you read and what people are actually doing are two different things," Debra Saunders, vice president at Fidelity Capital Markets, said during The Bond Buyer's California Public Finance Conference here. "Coping means rolling up your sleeves and digging in."

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