CHAPTER 2. Registered Warrants

Chapter 2 added by Stats. 1945, Ch. 120.

§§ 17200–17296.5 · 56 sections

1. ARTICLE 1. General §§ 17200–17213 · 14 sections

   • § 17200 All provisions of this chapter referring to registered warrants are applicable to “reimbursement warrants” and “refunding warrants,” unless the context…
   • § 17201 The Department of General Services may make rules and regulations governing the issuance and sale of registered warrants.
   • § 17202 All registered warrants issued by the state are legal investments for all: (a) Trust funds. (b) Funds of all insurers. (c) Funds of savings and loan…
   • § 17203 Such registered warrants are acceptable and may be used as security for the faithful performance of any public or private trust or obligation or for the…
   • § 17204 Any State agency that is authorized to invest funds in the treasury in securities which are legal investments for savings banks may invest the funds in…
   • § 17205 Notwithstanding any provision of the Uniform Commercial Code, all registered warrants are negotiable instruments.
   • § 17206 Whenever a registered warrant is issued for the purpose of making an interdepartmental payment or in error the State agency having legal ownership of the…
   • § 17207 After verification of the proper appropriation to be credited, the Controller shall cancel the warrant and credit the amount to the proper fund or…
   • § 17208 Whenever such a registered warrant is canceled the Controller shall so notify the Treasurer in writing, specifying the number, date, amount, to whom drawn,…
   • § 17209 Whenever the Controller deems that it will increase the salability or the price of registered warrants to obtain, prior to or after sale, a legal opinion as to…
   • § 17210 Registered warrants shall be paid by the Treasurer in conformity with law.
   • § 17211 Registered warrants described in subdivisions (b) and (c) of Section 17212 issued in connection with any credit enhancement or liquidity agreement (including…
   • § 17212 (a) Notwithstanding Section 17222, if at any time it is necessary to register warrants pursuant to this chapter for the payment of principal of or interest on…
   • § 17213 Notwithstanding any other provision of law, the Controller is the agent for sale for registered warrants, reimbursement warrants, and refunding warrants issued…
2. ARTICLE 2. Registration §§ 17220–17224 · 6 sections

   • § 17220 As used in this chapter: (a) “Unapplied money” means money in the General Fund in the treasury for which outstanding warrants have not already been drawn and…
   • § 17221 Whenever the Controller draws a warrant upon the Treasurer payable out of the General Fund in an amount in excess of the balance remaining in the unapplied…
   • § 17221.5 (a) The Controller, with the approval of the Pooled Money Investment Board, may fix a maturity date for registered warrants. To the extent legally permissible,…
   • § 17222 By a majority vote, the committee shall fix the rate of interest paid on registered warrants at not more than 5 percent per annum, except, if the committee…
   • § 17223 The Controller shall furnish the Treasurer with a separate register for registered warrants, and the Treasurer shall stamp on the register the date on which…
   • § 17224 If the Controller presents a warrant to the Treasurer for registration, after registration, the Treasurer shall return the warrant to the Controller for…
3. ARTICLE 3. Reimbursement and Refunding Warrants §§ 17240–17255 · 16 sections

   • § 17240 As used in this chapter: (a) “Reimbursement warrants” refers to warrants drawn by the Controller on the General Fund pursuant to this article to reimburse the…
   • § 17240.5 (a) If the Controller requests that registered reimbursement warrants be issued, and the Governor determines pursuant to Section 16381 that the need for those…
   • § 17241 To reimburse the General Cash Revolving Fund, the Controller may draw reimbursement warrants on the General Fund in the same manner as if General Cash…
   • § 17242 If a reimbursement warrant represents an amount in excess of the balance remaining in the unapplied money in the General Fund after first deducting from such…
   • § 17243 The Controller may fix a maturity date for reimbursement warrants, and indorse upon each warrant, the date upon which the principal amount of the warrant will…
   • § 17244 (a) Notwithstanding any other provision of law, in lieu of prescribing a precise interest rate on registered reimbursement warrants, the committee may fix a…
   • § 17245 Registered reimbursement warrants shall be sold by the Controller at public sale to the best bidders or in negotiated sales on the terms and conditions the…
   • § 17246 Notice of public sale of registered reimbursement warrants shall be given by the Controller by publication, not less than three days prior to sale, at least…
   • § 17247 The notice of public sale shall specify the amount of warrants to be sold, and the minimum amount for which the Controller will consider bids, and shall invite…
   • § 17248 The Controller may give additional notice of any such sale in such form and manner as he may determine.
   • § 17249 At the time specified in the notice of sale, the Controller shall open the bids, and award the warrants to the persons making the best bids as determined by…
   • § 17250 The Controller shall endorse any registered reimbursement warrant so sold or to be sold in the name of and on behalf of the payee named in the warrant. The…
   • § 17251 The cancellation, invalidity or abatement, in whole or in part, of any such claim, or of any warrant drawn against the General Cash Revolving Fund, does not…
   • § 17252 It is not essential to the validity of the sale of any reimbursement warrant that it be actually registered prior to sale.
   • § 17253 The proceeds of the sale of any registered reimbursement warrant shall be deposited in the State Treasury; an amount equal to its face value shall be credited…
   • § 17255 (a) It is the intent of the Legislature, in enacting this section, to recognize the state’s General Fund budget deficit accumulated prior to July 1, 2009. It…
4. ARTICLE 4. Payment §§ 17270–17280.3 · 14 sections

   • § 17270 All warrants are payable in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and…
   • § 17271 (a) A registered warrant that bears a maturity date shall be paid by the Treasurer upon that date out of any unapplied money in the General Fund on the due…
   • § 17272 Registered warrants not bearing a maturity date, and registered warrants bearing a maturity date, but for the payment of which refunding warrants have not been…
   • § 17273 The Treasurer shall immediately publish notice that such registered warrants are redeemable by advertising for six consecutive days, Sundays excepted, in…
   • § 17274 The notice of redemption shall read substantially as follows: “NOTICE TO HOLDERS OF STATE OF CALIFORNIA WARRANTS State Controller’s warrants number______to…
   • § 17275 Any interest paid on any registered warrant shall accrue to the person holding the warrant on the date of redemption, except a registered reimbursement warrant…
   • § 17276 (a) If on the maturity date indorsed on a registered reimbursement warrant, there is no money available for its payment, either from unapplied money, or from…
   • § 17277 If it appears to the Controller that, on the maturity date on the face of any registered reimbursement warrant, there will be insufficient unapplied money in…
   • § 17278 Refunding warrants issued, registered, and sold for the purpose of paying and retiring registered reimbursement warrants theretofore issued shall be based upon…
   • § 17279 Refunding warrants may be issued with or without a fixed maturity date and shall be sold in the same manner as reimbursement warrants. The proceeds shall be…
   • § 17280 If at any time it is necessary to register warrants for the payment of principal and interest on State bonds, warrants so registered have a prior lien in the…
   • § 17280.1 (a) A taxpayer who has a tax liability, including any liability for periodic estimated tax payments, with respect to personal income taxes or bank and…
   • § 17280.2 In the event a tax liability is paid, in whole or in part, with a registered warrant which is redeemable at the time the tax liability is paid, interest as…
   • § 17280.3 (a) If a registered warrant, as defined in Section 17221, is issued for payment of any principal or interest due and payable on a state bond that is held in…
5. ARTICLE 6. Warrant Payment Fund §§ 17296–17296.5 · 6 sections

   • § 17296 It is the intent of the Legislature, in enacting this article, to provide assurances to the persons who invest in the state’s registered reimbursement warrants…
   • § 17296.1 (a) The Warrant Payment Fund is hereby created in the State Treasury for the purpose of setting aside unapplied moneys in the General Fund for the payment and…
   • § 17296.2 The Controller shall transfer from unapplied moneys in the General Fund to the Warrant Payment Fund the total amount of four billion dollars ($4,000,000,000)…
   • § 17296.3 The Controller shall transfer funds from the Warrant Payment Fund to the General Fund to pay and redeem registered reimbursement warrants at maturity.
   • § 17296.4 Moneys in the Warrant Payment Fund shall be available for transfer to the General Fund pursuant to Section 16310.
   • § 17296.5 Unless registered reimbursement warrants remain outstanding, this article shall be in effect only until July 1, 1996, and as of that date is repealed. If…