3.9 State Financings

The State of California uses a variety of financing vehicles. These have included financings as complex as warrant issuances and asset and tax revenue securitizations but the most commonly used tools are State GO bonds, lease revenue bonds issued by the State Public Works Board payable from lease payments made by state departments and agencies, and revenue anticipation notes. State enterprise departments generally finance facilities and programs through the issuance of obligations payable from enterprise and program revenues.