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State projects get started with bond proceeds
"This is a tremendous development."
- John Goodwin, transportation official
California's ailing economy received a much-needed boost Wednesday when state officials agreed to fund thousands of transportation, school construction and other projects stalled since December because the state was running out of cash.
The move came after state Treasurer Bill Lockyer sold $6.85 billion in general obligation bonds to investors on Wednesday, three weeks after investors bought $6.5 billion in similar bonds in the first sale of such notes since the worldwide credit meltdown.