California issued cash-flow notes routinely until 2014 to manage its lumpy revenue receipts. Tighter budget this year, but still no need for notes, as internal budget resources are 'historically high'. https://www.bondbuyer.com/news/no-california-rans-this-year-despite-income-tax-filing-extension #municipalbonds #muniland #statebudget

One word comes to mind when I think back on my interactions and interviews with Tim Schaefer over the years.

Gracious.

Tim, of course, was also always thorough, detailed, patient and knowledgeable, but 'gracious' is the word that says it best. I had the sad duty of editing his obituary today, which confirmed, unsurprisingly, that that was the way he carried himself throughout his long career. RIP.
🔗
https://www.bondbuyer.com/news/tim-schaefer-dies-made-huge-impact-on-california-public-finance #municipalbonds #muniland