2005 California Government Code Sections 17220-17224 Article 2. Registration

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.
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.
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.