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The California state treasurers office said on Monday it closed a $500 million sale of revenue anticipation notes to Golden 1 Credit Union in a private placement deal. "Completion of the Golden 1 transaction reduces to $1.5 billion the amount of RAN borrowing needed to meet the states cash-flow requirements through the end of the 2008-09 fiscal year," State Treasurer Bill Lockyers spokesman Tom Dresslar said in an e-mail to Reuters.