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California Bond Sale Ignites Optimism.

By Jim Evans, The Sacramento Bee, Calif. Knight Ridder/Tribune Business News

May 6--California officials are celebrating the overwhelming demand generated by the first sale of voter-approved deficit bonds, hoping it is a signal that investors trust the state's economic future.

During the three-day sale, which ended Wednesday, total orders were almost double the $7.9 billion bonds available for sale. The sale of the second installment of the $15 billion in bonds that voters authorized on the March ballot will take place in late May and early June.

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