§ 16670 State Bond Payment Agents

• •The Governor can pick big, trusted banks to help the state pay its bills for things like bonds.
• •These banks must have at least $1,000,000 in their own money to be chosen.
• •The Treasurer suggests which banks should be picked.

The state needs to pay interest on bonds it sold to build new schools.

The Governor picks a big bank, like Bank of America, to handle these payments because the Treasurer said they’re trustworthy and have enough money.