§ 3923 Bond Destruction Authority

This law lets the state treasurer (or his agents, with his okay) get rid of old bonds and their coupons by destroying or burning them once they’re paid off or cancelled.

Key Takeaways

•Only bonds that have already been paid or officially cancelled can be destroyed.
•The treasurer or his agents must have the treasurer’s approval before doing it.
•Destruction can be by shredding, burning, or any similar method allowed by the law.

Example

A city borrowed money to build a new library and issued paper bonds. After the city finishes paying back the loan, the bonds are no longer needed.

The state treasurer can approve the shredding or burning of those paid‑off bonds and their coupons so they don’t sit around unused.

The State Treasurer, or such state fiscal agent, or agents, with the approval of the State Treasurer, may destroy or cremate any or all bonds and any or all coupons pertaining thereto which have been previously paid or canceled as provided herein in accordance with the provisions of Government Code Section 16772. (Added by Stats. 1958, 1st Ex. Sess., Ch. 103.)

This law lets the state treasurer (or his agents, with his okay) get rid of old bonds and their coupons by destroying or burning them once they’re paid off or cancelled.

Key Takeaways

•Only bonds that have already been paid or officially cancelled can be destroyed.
•The treasurer or his agents must have the treasurer’s approval before doing it.
•Destruction can be by shredding, burning, or any similar method allowed by the law.

Example

A city borrowed money to build a new library and issued paper bonds. After the city finishes paying back the loan, the bonds are no longer needed.

The state treasurer can approve the shredding or burning of those paid‑off bonds and their coupons so they don’t sit around unused.

Key Takeaways

Example

Key Terms

References

§ 3923 Bond Destruction Authority

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References