The State : Delay in Sale of Bonds Denied

State Finance Director Jesse R. Huff disputed a published report that the Deukmejian Administration has postponed selling more than $4 billion in newly approved bond issues, insisting that bond sales are “proceeding on schedule.” “We are not delaying any bond sales. We are not stopping any projects for which voters approved bonds,” Huff said. Manuel M. Mateo, chief of the trust services division in the treasurer’s office, agreed. “We will sell bonds just as fast as we legally can,” he said. The Sacramento Bee reported that $4 billion in bonds approved by voters last year are being delayed because the state would not have enough money to make the principal or interest payments.