Briefly

Wall Street brokerages began taking orders from individual investors Monday for California’s sale this week of $3 billion in revenue-anticipation notes, a short-term borrowing routinely used by states to boost cash reserves during months when tax receipts are lower.

The notes, which will mature in June, bear an annualized yield of 1%. That return is exempt from state and federal income taxes. Brokers will take orders from institutional investors Wednesday. The notes carry a top credit rating because the state arranged for financial guarantees from eight banks.