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California will issue promissory notes beginning on July 2 if the state’s budget is not balanced. It has a projected $24bn deficit for the fiscal year that begins on July 1. Because cash inflows will fall below obligations, the controller will issue individual registered warrants, or IOUs. These are negotiable instruments that pay interest. They cannot be redeemed until October 1, assuming the state has sufficient cash. It plans to issue $3.4bn worth of IOUs this month.

Certain expenses, such as education, debt service and civil servants’ wages will be paid normally.

Social service payments, student aid grants, assistance to local governments and payments to business vendors will be paid in IOUs.

• IOU plan
• IOU faq