SECTIONS 16650-16654 - California Statutes

GOVERNMENT CODE

SECTION 16650-16654

16650. As used in this part, "fiscal agent" means any state fiscal
agent selected and acting pursuant to Chapter 2 (commencing with
Section 16670).

16651. Whenever the statute of limitations has run against any
outstanding bond or coupon issued by the State, the Treasurer may, at
such time as he may determine, withdraw from the fiscal agents any
money transferred to the fiscal agents to meet the payment of the
bond or coupon and deposit it in the Treasury to the credit of the
General Fund.

16652. Whenever it appears to the Treasurer, upon competent proof,
that any bonds, coupons, or other evidences of state indebtedness,
except warrants, have been lost or destroyed, he shall endeavor to
stop payment on them, and notify the State's fiscal agents to
endeavor to stop payment thereon.

16653. The expense incurred by the State Treasurer and his agents
in the payment of bonds and bond coupons upon maturity or when called
for prior redemption is a part of the cost of redemption of such
bonds and bond coupons and shall be charged against the fund which is
chargeable with the costs of administration of the proceeds of such
bonds, if other than the General Fund.

16654. The Controller shall establish and maintain accounts and
perform accounting transactions as determined by the Treasurer to be
necessary to comply with all provisions of federal law and
regulations pertaining to retaining the bondholders' exemption from
federal income taxation on interest paid on state bonds.
State agencies administering state bond programs shall provide the
Treasurer with all program and fiscal information as determined by
the Treasurer to be necessary to comply with these federal
provisions.