California has resorted to promoting their tax anticipation notes (notes are basically short term bonds) on the radio. These notes will pay interest that is exempt from both Federal and California state income taxes for California residents. Anticipated interest rate is around 2% or so. This issue of 2009-10 Revenue Anticipation Notes, also called RANs, will raise $8,800,000,000 and will mature next year. A prospectus can be found at BuyCaliforniaBonds.com.
This isn't the first time that California has used the radio to promote their bonds. Back in June of 2007, they were promoting a new issue of General Obligation bonds.
I am now anxiously awaiting to see the television ads and ad previews in movie theaters promoting California bonds. Only in California.