§ 16651 Unclaimed Bond Funds Recovery

• •If the state owes money on old bonds or coupons but the time to claim that money has passed, the Treasurer can take back the money set aside for those payments.
• •The money taken back goes into the state's General Fund, which is like the state's main bank account.
• •This only happens if no one has claimed the money within the allowed time.

Imagine the state promised to pay back money for a bond after 10 years, but no one asked for the money after 15 years.

The Treasurer can take the money that was set aside for that bond and put it back into the state's main bank account because it's too late for anyone to claim it.