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California's economy is the largest of any U.S. state, with a $4.0 trillion gross state product as of 2024[update]. It is the largest sub-national economy in the world. California's agricultural industry has the highest output of any U.S. state, and is led by its dairy, almonds, a...
Disasters also affect the municipal bond market. Suppose the Town of Paradise had secured a $10 million bond to rebuild its water system before the Camp Fire occurred. After the fire destroyed 90 percent of the town’s structures, how would the city repay that bond? Furthermore, suppose in...