SECTIONS 12320-12333 - California Statutes

GOVERNMENT CODE

SECTION 12320-12333

12320. The Treasurer shall receive and keep in the vaults of the
State Treasury or deposit in banks or credit unions all moneys
belonging to the state, not required to be received and kept by some
other person. Bonds, and other securities or investments belonging to
the state, except those of the Public Employees' Retirement System
and the State Teachers' Retirement System, shall be received by the
Treasurer and kept in the vaults of the State Treasury or may be
deposited by the State Treasurer for safekeeping with any federal
reserve bank or any branch thereof, or with any trust company, or the
trust department of any state or national bank located in a city
designated as a reserve or central reserve city by the Board of
Governors of the Federal Reserve System.

12321. The Treasurer shall not receive money into the Treasury
unless it is certified by the Controller as provided for in Section
12414.

12323. The Treasurer shall endorse a memorandum receipt upon
documents accompanying money transmitted for deposit into the
Treasury.

12324. The Treasurer shall pay warrants drawn by the Controller,
except warrants canceled pursuant to law.

12325. The Treasurer may attach to or indorse upon warrants drawn
by the Controller an order directing payment by any bank or credit
union in which money of the state is on deposit. Upon presentation
for payment, the person to whom it is paid shall receipt therefor in
the manner customary in the payment of bank or credit union checks.
The Treasurer shall deliver daily to the Controller all canceled
warrants, taking the Controller's receipt therefor.

12326. The Treasurer shall keep an account of all money received
and disbursed.

12328. The Treasurer shall report daily to the Controller the
amounts disbursed during the preceding day and the funds out of which
the disbursements were paid.

12329. On or before the fifteenth day of September in each
even-numbered year, the Treasurer shall report to the Governor the
exact balance in the treasury to the credit of the State, and a
summary of the receipts and payments of the treasury during the two
preceding fiscal years.

12330. (a) At the request of either house of the Legislature, or of
any committee thereof, the Treasurer shall give written information
as to the condition of the State Treasury, or upon any subject
relating to the duties of his or her office.
(b) The Treasurer annually shall prepare a debt affordability
report, to be presented to the Governor and the Legislature by
October 1 of each year.
(1) The report is intended to be a framework for the Legislature
to evaluate and establish priorities for bills that propose the
authorization of additional state debt supported by the General Fund,
excluding self-liquidating general obligation debt, during the
budget year. The report may also be used to determine the amount to
appropriate for debt service for the budget year.
(2) The report shall include the following information:
(A) A listing of authorized but unissued debt that the Treasurer
intends to sell during the current year and the budget year and the
projected increase in debt service as a result of those sales.
(B) A description of the market for state bonds.
(C) An analysis of the ratings of state bonds.
(D) A listing of outstanding debt supported by the General Fund.
(E) A listing of authorized but unissued debt that would be
supported by the General Fund.
(F) A schedule of debt service requirements for the items included
in subparagraph (D).
(G) Identification of pertinent debt ratios, such as debt service
to General Fund revenues, debt to personal income, debt to estimated
full-value of property, and debt per capita.
(H) A comparison of the debt ratios prepared for subparagraph (G)
with the comparable debt ratios for the 10 most populous states.
(I) A description of the percentage of the state's outstanding
general obligation bonds constituting fixed rate bonds, variable rate
bonds, bonds that have an effective fixed interest rate through a
hedging contract, and bonds that have an effective variable interest
rate through a hedging contract. The report shall also include, for
each outstanding hedging contract, a description of the hedging
contract, the outstanding notional amount, the effective date, the
expiration date, the name and ratings of the counterparty, the rate
or floating index paid by the state and the rate or floating index
paid by the counterparty, and a summary of the performance of the
state's hedging contracts in comparison to the objectives for which
the hedging contracts were executed.

12331. Notwithstanding any general or specific law to the contrary,
whenever any law or whenever any state agency or officer requires
that a pledge of money be made to secure the performance of an act or
duty, the pledges shall first be approved by the governing or
administrating state agency or officer and, upon the written order of
the state agency or officer, shall be deposited with the Treasurer
in accordance with Sections 16305 to 16305.7, inclusive.
All money deposited with the Treasurer pursuant to this section
shall be held by the Treasurer subject to law and the written order
or instructions of the state agency or official making or authorizing
the deposit and the state shall be responsible for the safe return
thereof.

12332. The Treasurer is designated as an elected representative of
the state to approve the issuance of bonds, notes, or other evidences
of indebtedness, issued by or on behalf of the state, to the extent
this approval is required by federal tax law. In the event the
Treasurer is unavailable and the Treasurer's office notifies the
issuer of this fact, at the request of the Governor or his or her
designee, the Attorney General is designated as an elected
representative of the state who may approve the issuance upon request
by the issuer, to the extent this approval is required by federal
tax law.

12333. (a) The Treasurer may act as trustee, registrar, paying
agent, tender agent, custodian, depository, transfer agent, fiscal
agent, or in any other fiduciary or representative capacity for any
purpose permitted by law, and may accept and execute any trust
business permitted by any law of this state or of the United States
in connection with the authorization, issuance, sale, and delivery of
any and all manner of lease, installment sale or purchase agreement,
bond, note, bond anticipation note, certificate of participation, or
other obligation or certificate evidencing an obligation of the
state or any department, agency, board, commission, authority, or
other entity of the state or of which the state is a member.
(b) When acting in any capacity authorized by subdivision (a), the
Treasurer may exercise all powers that may be exercised by any
private person, corporation, bank, trust company, or legal entity in
this state.
(c) This section constitutes separate and complete authority for
the Treasurer to act in accordance with the terms hereof, and is also
additional and supplemental to any other law concerning the powers
of the Treasurer.