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HomeGovernment CodeDiv. 4Pt. 4Ch. 2Art. 4§ 17276 Unpaid Reimbursement Warrant Interest

§ 17276 Unpaid Reimbursement Warrant Interest

Government Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 17276 Unpaid Reimbursement Warrant Interest

Key Takeaways

  • •If the state can't pay a registered reimbursement warrant on time, it keeps earning interest until it's paid.
  • •If the state needs to issue more warrants to pay the interest, those new warrants also earn interest.
  • •The total interest paid on the original warrant and any new warrants can't be more than the highest possible interest rate allowed by law.

Example

Imagine the state owes you $100 but can't pay you on time. They give you a paper saying they'll pay you later with interest.

The state keeps adding interest to your $100 until they can pay you. If they need to give you more papers to pay the interest, those also earn interest. But they can't charge more interest than the highest rate the law allows.

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

Official Source
View on CA.gov

§ 17276 Unpaid Reimbursement Warrant Interest

(a) If on the maturity date indorsed on a registered reimbursement warrant, there is no money available for its payment, either from unapplied money, or from the proceeds of refunding warrants the registered reimbursement warrant shall continue to bear interest on the principal amount of the warrant and shall become payable in the same manner as registered warrants not bearing maturity dates. (b) Notwithstanding Section 17222, if at any time it is necessary to register warrants pursuant to this chapter for the payment of any interest payment on a registered reimbursement warrant, those warrants shall bear interest at the fixed or variable rate determined by the Controller and as specified in the registered reimbursement warrant as the interest rate for those warrants. Interest on those warrants shall be payable only upon redemption of the warrants. (c) Notwithstanding subdivision (b), in no case shall the total sum of interest payments on the registered reimbursement warrant and the warrants registered for the payment of any interest payment on that registered reimbursement warrant exceed an amount equal to the interest that could have accrued on the registered reimbursement warrant at the maximum interest rate that could have been fixed by the committee thereon pursuant to subdivision (a) of Section 17244. (Amended by Stats. 2009, Ch. 23, Sec. 12. Effective July 28, 2009.)

Last verified: January 22, 2026

Key Terms

registered reimbursement warrantmaturity dateinterest paymentsmaximum interest rate

Related Statutes

  • § 17271 Warrant Payment And Redemption
  • § 17275 Warrant Interest Accrual Rules
  • § 17272 Warrant Payment Authorization Process
  • § 17277 Repayment Of Warrants
  • § 1360 Oath Before Office Entry

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 17276.
View Official Source