SECTIONS 16670-16679 - California Statutes

GOVERNMENT CODE

SECTION 16670-16679

16670. Upon the recommendation of the Treasurer, the Governor may
designate well-known and responsible banking firms or associations,
or incorporated banking institutions having a paid-up capital and
surplus of not less than one million dollars ($1,000,000) as the
state fiscal agents for the payment of bonds and coupons issued by
the State.

16672. With the approval of the Governor, the Treasurer may fix the
amount of and require bonds from any fiscal agent to the State,
conditioned on the faithful performance of its duties as fiscal
agent.

16673. Subject to the approval of the Governor, the Treasurer may
do all things necessary or proper to effectuate the purposes of this
chapter, including, among others, the making of such arrangements
with any fiscal agent as may be necessary including the compensation,
if any, of any fiscal agent for services under this chapter, and the
time when funds for the redemption of bonds and coupons shall be
remitted to it.

16674. All bonds and coupons issued by the State, which by their
terms are payable at the Office of the Treasurer, without further
designation of a place of payment, are at the option of the holder
also payable at any fiscal agent.

16676. At such time as the Treasurer may fix with the approval of
the Governor in accordance with Section 16673; (a) the Controller
shall draw his warrant for the payment of maturing or matured bonds
and coupons and, (b) the Treasurer shall out of such funds remit to a
fiscal agent in the form of check or draft sufficient funds for the
redemption of the bonds and coupons or to reimburse the fiscal agent
for matured bonds and coupons redeemed by the fiscal agent.

16677. Any fiscal agent shall promptly notify the remitting officer
of the receipt of the remittances and shall promptly cancel paid
bonds and coupons and return them to the Treasurer.

16678. Any fiscal agent may redeem state bonds and coupons when
duly presented to it by the holder, with or without a certificate
making them payable at a fiscal agent.

16679. Express charges and postage are a proper charge against the
State.