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California taps boating fund to close shortfall - Trade Only Today

California taps boating fund to close shortfall

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California Gov. Arnold Schwarzenegger will transfer $29 million from the Harbors and Watercraft Revolving Fund to the state’s general fund to help close a $42 billion budget shortfall.

The budget transfers the money as a “loan,” and repayment will be made “so as to ensure that the programs supported by the Harbors and Watercraft Revolving Fund are not adversely affected by the loan, but no later than June 30, 2013,” according to a story in The Log newspaper.

Money in the fund, which is administered by the Department of Boating and Waterways, includes the department’s share of the state tax on gasoline used in boats and vessel registration fees paid.

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