§ 8944 Warrant Cancellation For Assessments

• •If the board asks, the Controller must cancel old payment promises (warrants) and give credit for their full value plus any interest earned.
• •The interest is added up until the day the warrants are used to pay what was originally owed.
• •The Controller tells the State Treasurer about the cancellation, and the Treasurer updates the records.

Imagine you have an old IOU from the government for $100 that earns interest. The government now wants to use that IOU to pay off a debt.

The government will cancel the IOU, give you credit for $100 plus any interest it earned, and use that money to pay the debt. They’ll also update their records to show this.