§ 16676 Bond Redemption Payment Process

Government Code·California

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Key Takeaways

•The state decides when to pay back money it borrowed (bonds).
•The Controller writes a check to pay back the borrowed money when it's due.
•The Treasurer sends the money to the person or bank handling the payment.

Example

Imagine you lent money to a friend, and they promised to pay you back on a certain date.

When that date comes, your friend writes you a check (like the Controller) and gives you the money (like the Treasurer sending the money to the bank).

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 16676 Bond Redemption Payment Process

At such time as the Treasurer may fix with the approval of the Governor in accordance with Section 16673; (a) the Controller shall draw his warrant for the payment of maturing or matured bonds and coupons and, (b) the Treasurer shall out of such funds remit to a fiscal agent in the form of check or draft sufficient funds for the redemption of the bonds and coupons or to reimburse the fiscal agent for matured bonds and coupons redeemed by the fiscal agent. (Amended by Stats. 1959, Ch. 1500.)

Last verified: January 22, 2026

Key Terms

Treasurer Governor Controller fiscal agent bonds and coupons

References

Official text at leginfo.legislature.ca.gov
California Legislature. Government Code. Section 16676.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References