Financial Default: New California Declares 2nd Notice to California
Paul Preston, New California State President. Reading of the 2nd Constitutional Notice of Default of the State of California. December 5, 2022 Sacramento, CA.
AENN
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A reorganized, restorative government of California, consistent with the Compact of 1850, with the Congress of the United States, has been established, which is republican in form of government with an executive branch, judicial branch and a bi-cameral legislative branch.
Read the entire 2nd Notice of Default HERE.
NEW CALIFORNIA STATE DECEMBER 5, 2022 https://t.co/Z7c1lrfuB0
— Paul Preston (@a21rpaul) December 5, 2022
Financial Default
California fails to provide, as required by law, an audited financial statement. California is the only state in union, which for the last three years, that has not provided an audited financial statement.
Lack of proper financial oversight by the bumptious California legislature, that, by allowing agency employment of persons who were knowingly and willfully engaging in high-risk assumptions to underfund pensions in the normal course of their employment, have now put at risk the financial default of the State Teachers Retirement System and the California Public Employees Retirement System.
Reported by the California Globe about the Employment Development Department (EDD) on November 28, 2022:
California’s EDD Continues to Borrow Hundreds of Millions – about $13 million PER DAY – To Meet Its Obligations
“According to the latest ‘State Unemployment Insurance Trust Fund Solvency Report,’ the state still owes the feds more than $18 billion against a trust fund on-hand balance of about $600 million. The report also shows California has an ‘advance (from the feds) per covered employee’ amount of more than $1,400. The national average is $353 and most states have a figure of $0.”
“According to the latest ‘State Unemployment Insurance Trust Fund Solvency Report,’ the state still owes the feds more than $18 billion against a trust fund on-hand balance of about $600 million. The report also shows California has an ‘advance (from the feds) per covered employee’ amount of more than $1,400. The national average is $353 and most states have a figure of $0.”
New California State is a new state in development forming from the State of California. New California State is exercising its God-given Rights as declared in the 1776 United States Declaration of Independence and as ratified in the 1789 United States Constitution under Article IV Sections 3 & 4. New California is the making of a new state, just like 50 other states have been formed to make Union of States.
