§ 17277 Repayment Of Warrants

Key Takeaways

•If the state doesn't have enough money to pay back a registered reimbursement warrant when it's due, the Controller can issue a new one.
•The Controller needs the Treasurer's written approval to do this.
•This is like getting a new IOU when the state can't pay the old one on time.

Example

Imagine you lent your friend $10, and they promised to pay you back on your birthday. But on your birthday, they only have $5. So, they write you a new note saying they'll pay you back $10 next month instead.

In this case, the state is like your friend. If they don't have enough money to pay back what they owe on time, they can write a new promise to pay later, but they need permission from the Treasurer first.

If it appears to the Controller that, on the maturity date on the face of any registered reimbursement warrant, there will be insufficient unapplied money in the General Fund available for its payment he or she may issue a refunding warrant, with the written approval of the Treasurer. (Amended by Stats. 1993, Ch. 766, Sec. 7. Effective January 1, 1994.)

Key Takeaways

•If the state doesn't have enough money to pay back a registered reimbursement warrant when it's due, the Controller can issue a new one.
•The Controller needs the Treasurer's written approval to do this.
•This is like getting a new IOU when the state can't pay the old one on time.

Key Takeaways

Example

Key Terms

References

§ 17277 Repayment Of Warrants

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References