SAN FRANCISCO — California will need to borrow $10.5 billion to meet its cash-flow needs for the rest of the fiscal year, officials said yesterday, beginning with a $1.5 billion “interim” revenue anticipation note borrowing by Aug. 28.

The interim Rans are being issued in order to redeem registered warrants, or IOUs, the state has been issuing to many creditors since July 2.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.