SECTIONS 17220-17224 - California Statutes

GOVERNMENT CODE

SECTION 17220-17224

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 which would remain in the General Fund if all outstanding
warrants theretofore drawn were paid.
(b) "Committee" means the Pooled Money Investment Board.

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 money in the General Fund after first
deducting from the unapplied money the amount, as estimated by the
Controller, that is required by law to be earmarked, reserved, or set
apart from the unapplied money for the payment of obligations of the
state having priority over the obligation to which the warrant is
applicable, the Controller shall upon the same day present it to the
Treasurer, or seek the Treasurer's delegation to endorse the warrant
as required by this section. The Treasurer shall endorse, or delegate
to the Controller to endorse, upon its back the date of presentation
or endorsement by the Controller; that it is not paid for want of
funds; and that it bears interest at the rate fixed pursuant to law
from the date of the registration to the date of maturity, or the
date upon which the Treasurer advertises that it is payable upon
presentation if it bears no date of maturity. Warrants so endorsed
are registered warrants. The Controller shall supply the Treasurer
with a daily list of the numbers of the warrants so registered.

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, the Controller shall pick a date
that does not interfere with the payment of bonds, revenue
anticipation notes, reimbursement warrants, and refunding warrants.
(b) Notwithstanding subdivision (a), a registered warrant may be
redeemed at the option of the committee prior to the maturity date of
the warrant at a redemption price not to exceed the principal amount
of the warrant plus the amount of interest, calculated as of the
date when the committee calls for the redemption. The Treasurer shall
pay the redemption price for the registered warrant from any
unapplied money in the General Fund that is available on that
redemption date.

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 determines that it is in the best
interests of the state to do so, the committee may fix the rate of
interest paid on any registered warrants at no more than 12 percent
per annum.

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 each warrant is registered and the
date on which it is first advertised as payable.

17224. If the Controller presents a warrant to the Treasurer for
registration, after registration, the Treasurer shall return the
warrant to the Controller for distribution.