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HomePublic Utilities CodeDiv. 10Pt. 2Ch. 8Art. 10§ 29281 Payment Of Registered Debt

§ 29281 Payment Of Registered Debt

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

§ 29281 Payment Of Registered Debt

Key Takeaways

  • •If the government owes money on old bonds or notes, they must pay them as soon as they have the money.
  • •The government will send a letter to the person who owns the bond or note to tell them they are ready to pay.
  • •The government pays the debts in the order they were registered, not based on who asks first.

Example

Imagine the government owed money on old savings bonds to people, but they didn’t have enough money to pay them before.

Now, when the government gets money, they must first use it to pay those old bonds. They will send a letter to the bond owners saying, 'We have your money ready.' They pay the oldest registered bonds first.

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

Official Source
View on CA.gov

§ 29281 Payment Of Registered Debt

Upon receipt of the first money in the treasury applicable to their payment, the chief financial officer shall set apart the amount necessary to pay the past due bonds, notes, coupons, or other evidences of indebtedness that have been registered for want of funds. The chief financial officer shall give notice by registered mail to the owner or holder of the registered bonds, notes, coupons, and other evidences of indebtedness, at the address last filed, stating that the chief financial officer is ready to pay for them. The bonds, notes, coupons, and other evidences of indebtedness shall be paid from that money, in the order of their registration. (Amended by Stats. 2024, Ch. 106, Sec. 13. (AB 2325) Effective January 1, 2025.)

Last verified: January 23, 2026

Key Terms

chief financial officerbondsnotescouponsevidences of indebtednessregistered for want of fundsregistered mailorder of their registration

Related Statutes

  • § 29282 Unclaimed Bond Payment Process
  • § 29220 Bond Redemption Notice Requirements
  • § 29223 Bond Redemption Reporting Requirements
  • § 29222 Bond Cancellation Procedures
  • § 101304 Bond Signing Procedures

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Public Utilities Code. Section 29281.
View Official Source