Part of the Bay Area News Group

Have you redeemed your state IOU yet?

By Josh Richman
Thursday, January 14th, 2010 at 11:49 am in Bill Lockyer, John Chiang, state budget.

State Controller John Chiang and state Treasurer Bill Lockyer will start mailing more than 89,000 letters tomorrow to those who have not yet cashed their Registered Warrants – what you and I call IOUs – from last summer’s cash crisis. They estimate there are about $50 million of these IOUs still outstanding.

Is it just me, or does it seem insane that so many IOUs are still out there? I would’ve cashed those babies in a loooong time ago, especially since they stopped accruing interest last Sept. 3, the day before Lockyer’s office started redeeming them.

Still, here’s what’s still outstanding in our local counties:

  • Alameda – 2,998 IOUs worth $1,662,919.75
  • Contra Costa – 1,897 IOUs worth $1,186,905.86
  • Marin – 736 IOUs worth $443,322.04
  • Napa – 290 IOUs worth $131,924.55
  • San Francisco – 2,315 IOUs worth $1,433,057.99
  • San Joaquin – 935 IOUs worth $794,397.02
  • San Mateo – 1,658 IOUs worth $910,805.04
  • Santa Clara – 4,070 IOUs worth $2,397,690.76
  • Solano – 595 IOUs worth $189,897.97
  • Sonoma – 793 IOUs worth $288,256.76
  • That’s your $9.4 million, Bay Area – go get it. IOU holders can redeem their Registered Warrants by mailing them to 915 Capitol Mall, Attention Registered Warrant Desk, Sacramento, CA 95814; tomorrow’s mailings will include a pre-addressed envelope. IOUs can also be redeemed in person at that address on weekdays between 9 a.m. and 3 p.m., or you can check with your bank to see if it’ll honor the IOU. Questions? Call the State Treasurer’s hotline, 1 888-864-2762, between 7 a.m. and 4 p.m. Monday through Friday for live help, or at any time for automated help.

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