2005 California Government Code Sections 17270-17280.2 Article 4. Payment

17270.  All warrants are payable in such coin or currency of the
United States of America as at the time of payment is legal tender
for the payment of public and private debts.  The Controller shall
cause to be endorsed upon the face of each warrant drawn upon the
Treasurer a provision that it is so payable.
17271.  A registered warrant that bears a maturity date shall be
paid by the Treasurer upon that date out of any unapplied money in
the General Fund on the due date, available therefor.
17272.  Registered warrants not bearing a maturity date, and
registered warrants bearing a maturity date, but for the payment of
which refunding warrants have not been sold or unapplied money is not
available on the due date, shall be paid, together with all interest
due, at such times as the Controller determines, with the approval
of the committee.  Upon approval the Controller shall notify the
Treasurer of the numbers of the warrants which are to be redeemed.
17273.  The Treasurer shall immediately publish notice that such
registered warrants are redeemable by advertising for six consecutive
days, Sundays excepted, in newspapers publishing legal notices in
the cities of Sacramento, San Francisco, and Los Angeles.
17274.  The notice of redemption shall read substantially as
follows:
                       "NOTICE TO HOLDERS OF STATE OF
                            CALIFORNIA WARRANTS
            State Controller's warrants number ______ to number
______,
        inclusive, drawn against the General Fund in the state
treasury
        will be payable on __________________________ upon
presentation
                               (redemption date)
        to the State Treasurer.
_________________________________
                                          (Name of State Treasurer)
                                                      State
Treasurer."
17275.  Any interest paid on any registered warrant shall accrue to
the person holding the warrant on the date of redemption.  A
registered warrant ceases to bear interest on the first of the
following dates:
   (a) The maturity date indorsed on its face, if any, if on that
date unapplied money or the proceeds of refunding warrants are
available for its payment.
   (b) The date of redemption, so long as the date is at least three
days following the first day of published notice pursuant to Section
17273.
   (c) The date specified in subdivision (b) of Section 17280.1.
17276.  If on the maturity date indorsed on a registered
reimbursement warrant, there is no money available for its payment,
either from unapplied money, or from the proceeds of refunding
warrants the registered reimbursement warrant shall continue to bear
interest and shall become payable in the same manner as registered
warrants not bearing maturity dates.
17277.  If it appears to the Controller that, on the maturity date
on the face of any registered reimbursement warrant, there will be
insufficient unapplied money in the General Fund available for its
payment he or she may issue a refunding warrant, with the written
approval of the Treasurer.
17278.  Refunding warrants issued, registered, and sold for the
purpose of paying and retiring registered reimbursement warrants
theretofore issued shall be based upon the same claims and shall be
identical in form and amount to the warrants to be paid and retired
except as to serial number, date of registration, due date, and
interest rate.  The provisions of this chapter applicable to
reimbursement warrants are applicable to refunding warrants.
17279.  Refunding warrants may be issued with or without a fixed
maturity date and shall be sold in the same manner as reimbursement
warrants.  The proceeds shall be held by the Treasurer and applied
exclusively to the payment of the registered reimbursement warrants
for the payment of which the refunding warrants were issued.
17280.  If at any time it is necessary to register warrants for the
payment of principal and interest on State bonds, warrants so
registered have a prior lien in the order of their issuance on any
money thereafter received into the General Fund, and shall be paid
before any other warrants regardless of the prior issuance of the
latter.
17280.1.  (a) A taxpayer who has a tax liability, including any
liability for periodic estimated tax payments, with respect to
personal income taxes or bank and corporation taxes, and who is a
payee named in a registered warrant as defined in Section 17221 which
is received in payment of an obligation of the State of California
to the taxpayer, may pay any tax liability specified above, in whole
or in part, by a check in an amount not to exceed the amount of the
registered warrant, exclusive of any interest thereon.  That check
shall not be presented for payment by the state or paid by the bank
on which it is drawn until the registered warrant payable to the
taxpayer is payable upon its presentation to the Treasurer. The
provisions of this section shall be applicable only if the taxpayer's
check in payment of a tax liability pursuant to this section is
accompanied by a copy of the registered warrant, as specified above,
which clearly discloses the name of the payee, the amount to be paid,
the number of the warrant, and the completed and signed legend as
provided for in subdivision (d).
   (b) Any taxpayer submitting a check for the payment of taxes
pursuant to subdivision (a) shall be precluded from receiving
interest on his or her registered warrant from the date the check for
the payment of taxes is submitted.
   (c) In the event that a taxpayer who submits a check for the
payment of taxes pursuant to subdivision (a) presents his or her
registered warrant to a bank or other institution for payment, the
taxpayer shall make a declaration upon presentment that he or she is
ineligible pursuant to subdivision (b) to receive interest from the
date he or she submitted the check.
   (d) To facilitate the taxpayer in making the declaration required
by subdivision (c), all registered warrants issued shall bear a
legend on the reverse side in substantially the following form:
         "In endorsing this warrant, I declare that I have (_) or
     have not (_) (check one) submitted a check on ________________
                                                        (date)
     for the payment of tax liability in an amount not to exceed the
     amount of this warrant.  I further declare that by submitting
     that check, I am ineligible for the receipt of interest on this
     warrant after the above date."
17280.2.  In the event a tax liability is paid, in whole or in part,
with a registered warrant which is redeemable at the time the tax
liability is paid, interest as specified in this article, shall be
credited to the taxpayer's account.