§ 17253 Warrant Sale Proceeds Allocation

• •When the state sells a special type of promise-to-pay (called a 'registered reimbursement warrant'), the money from the sale goes into the state's bank account.
• •The full amount of the promise-to-pay is put into a special fund called the 'General Cash Revolving Fund'.
• •If the state gets extra money (more than the face value) from selling it, that extra goes into the 'General Fund' and is used to pay interest on these promises.

Imagine the state sells a $100 promise-to-pay for $105 to someone.

The $100 goes into the 'General Cash Revolving Fund', and the extra $5 goes into the 'General Fund' to help pay interest on these promises.