2007 California Government Code Article 5. Payment, Cancellation, And Redemption Of Bonds 16770-16774

CA Codes (gov:16770-16774)

16770.  The State Treasurer, directly or through state fiscal
agents, or other duly authorized agents, shall, on the respective
dates of maturity of all bonds, or on the date fixed for the prior
redemption of any thereof which may be duly called for redemption,
and on the respective due dates of all coupons pertaining to any of
said bonds, other than coupons canceled because of the redemption of
any of said bonds prior to maturity, or as soon thereafter as said
bonds or coupons respectively are surrendered to him, or to any such
state fiscal agent, or other duly authorized agent, pay the same.



16771.  Upon the payment of any such bond or coupon, the State
Treasurer, or the state fiscal agent, or other duly authorized agent,
shall cancel the same in a manner to indicate  the payment.  The
State Treasurer, or state fiscal agents, or other duly authorized
agents, shall also on the respective dates of maturity of any such
bonds that have been executed but remain unsold, cancel the same in a
manner to indicate cancellation and on the respective due dates of
all coupons attached to any such bond remaining unsold, shall detach
all coupons the due date of which has been reached, and cancel them
in the same manner as provided for the cancellation of bonds
remaining unsold.



16772.  The State Treasurer, or state fiscal agents, or other duly
authorized agents, may destroy or cremate any or all bonds and any or
all coupons pertaining thereto which have been previously paid or
canceled as provided herein.


16773.  Whenever any payment of principal of any bonds shall become
due, either upon the maturity of any of the bonds or upon the
redemption thereof prior to maturity, and whenever any interest on
any of the bonds shall fall due, warrants shall be drawn against the
appropriation made by the bond act from the General Fund by the State
Controller in favor of the State Treasurer, or state fiscal agents,
or other duly authorized agents, pursuant to claims filed with the
State Controller by the State Treasurer, in the amounts so falling
due.


16774.  (a) If the committee determines that any bonds then
outstanding, including bonds that by their terms are subject to
redemption prior to maturity, should be redeemed or retired prior to
maturity, and that money sufficient for that redemption or retirement
will be available in the fund or the General Fund at the time
proposed for the redemption or retirement, it may, by resolution,
direct the Treasurer to call and redeem or retire any of these bonds,
at a time specified in the resolution, and the Treasurer shall
thereupon either give notice of the proposed redemption and redeem
the bonds in accordance with the provisions for redemption provided
for in the resolution adopted under Section 16731 pursuant to which
the bonds were issued or arrange for the purchase and retirement of
the bonds.
   (b) Money sufficient for the redemption or retirement shall be
determined to be available in the General Fund if the Treasurer
certifies that either the issuance of refunding bonds under Article 6
(commencing with Section 16780) or the deferral of the planned
payment of principal on outstanding bonds has reduced the principal
payments required to be made from the General Fund on outstanding
bonds during the current fiscal year by an amount equal to, or in
excess of, the money required for the redemption or retirement.
   (c) Money so determined to be sufficient for the redemption or
retirement of bonds and available for that purpose shall be
transferred from the General Fund to a separate account within the
Refunding Escrow Fund created by Section 16784.  Notwithstanding
Section 13340, money in that account is continuously appropriated
without regard to fiscal years for the purposes of this section.
Funds in that account shall be held in trust for the benefit of the
holders of the bonds which are to be redeemed or retired and used
only for the payment of the principal of, and interest and any
redemption premium on, or the purchase price of, the bonds which are
to be redeemed or retired.  Money in the account shall be invested by
the Treasurer and any income from that investment shall be credited
to the account.  Any funds remaining in the account after all of the
bonds are redeemed or retired shall be transferred to the General
Fund.