2005 California Government Code Sections 17200-17213 Article 1. General

GOVERNMENT CODE
SECTION 17200-17213

17200.  All provisions of this chapter referring to registered
warrants are applicable to "reimbursement warrants" and "refunding
warrants," unless the context otherwise requires.
17201.  The State Board of Control 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 associations.
   (d) Funds of all banks, including any legal combination of
commercial banks, savings banks and trust companies.
   (e) Funds of all counties, municipal corporations, districts,
public corporations, political subdivisions, or state agencies.
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 performance of any act, including the use of
such registered warrants by banks and savings and loan associations
as security for deposits of funds of any county, municipal or public
corporation, district, political subdivision, or state agency.
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 registered warrants of the State.
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 warrant may present it to the
Controller for cancellation and credit to the fund on which it was
drawn.  The warrant shall be accompanied by a report in writing
requesting the cancellation, explaining the reason for the request
and specifying the proper appropriation to be credited with the
amount of the warrant.
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 appropriation in the same manner as
other money paid into the State treasury.
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, fund on which drawn and date of
cancellation.
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 the validity of the warrants from
attorneys other than the Attorney General, the Controller may obtain
a legal opinion.
17210.  Registered warrants shall be paid by the Treasurer in
conformity with law.
17211.  Warrants issued and registered for the purpose of paying any
and all obligations owed by the state under or in connection with
any credit enhancement or liquidity agreement (including in the form
of a letter of credit, standby purchase agreement, liquidity
facility, or other similar arrangement) entered into by the state to
secure or support any reimbursement warrants or refunding warrants
issued pursuant to this chapter shall be based upon the same claims,
and shall have the same priority as to payment from unapplied money
in the General Fund, as the reimbursement warrants or refunding
warrants paid with funds disbursed under or in connection with the
credit enhancement or liquidity agreement.  These warrants shall be
issued and registered in the amounts requested by the provider of the
credit enhancement or liquidity agreement.
17212.  If at any time it is necessary to register warrants pursuant
to this chapter for the payment of principal of or interest on notes
issued pursuant to Section 17302 or for the payment of any
obligations of the state under any credit enhancement or liquidity
agreement (including in the form of a letter of credit, standby
purchase agreement, reimbursement agreement, liquidity facility, or
other similar arrangement) authorized pursuant to Section 5922,
notwithstanding Section 17222, the warrants shall bear interest at
the rate specified in the notes or the credit enhancement or
liquidity agreement, as the case may be.
17213.  Notwithstanding any other provision of law, the Controller
is the agent for sale for registered warrants, reimbursement
warrants, and refunding warrants issued pursuant to this chapter.


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