Bill Text: CA SB120 | 2011-2012 | Regular Session | Amended

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Bill Title: State funds: registered warrants.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2011-08-25 - Set, second hearing. Held in committee and under submission. [SB120 Detail]

Download: California-2011-SB120-Amended.html

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BILL NUMBER: SB 120	AMENDED
	BILL TEXT

	AMENDED IN SENATE  MAY 31, 2011
	AMENDED IN SENATE  MARCH 14, 2011

INTRODUCED BY   Senator Anderson

                        JANUARY 24, 2011

   An act to add Section 17203.6 to the Government Code, relating to
state funds, and declaring the urgency thereof, to take effect
immediately.



	LEGISLATIVE COUNSEL'S DIGEST


   SB 120, as amended, Anderson. State funds: registered warrants.
   Existing law prescribes procedures for the issuance of registered
warrants and provides that a registered warrant is acceptable and may
be used as security for the performance of any public or private
trust or obligation.
   This bill would require a state agency to accept, from any person
or entity, a registered warrant  or other similar evidence of
indebtedness  issued by the Controller that is endorsed by
that payee, at full face value, for the payment of any obligations
owed by that payee to that state agency.
   This bill would declare that it is to take effect immediately as
an urgency statute.
   Vote: 2/3. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 17203.6 is added to the Government Code, to
read:
   17203.6.  A state agency shall accept from any person or entity a
registered warrant  or other similar evidence of indebtedness
 issued by the Controller that is endorsed by that payee,
at full face value, for the payment of any obligations owed by that
payee to that state agency.
  SEC. 2.  This act is an urgency statute necessary for the immediate
preservation of the public peace, health, or safety within the
meaning of Article IV of the Constitution and shall go into immediate
effect. The facts constituting the necessity are:
   In order to allow the residents of the state to pay for all
obligations owed to the state, while the state is issuing registered
warrants  or other similar debt instruments, which are, in
fact, "IOUs" issued by the state  , it is necessary that
this act take effect immediately.