California § 17212. 17212. (Amended by Stats. 2009, Ch. 23, Sec. 3.)

California Statutes

§ 17212. — 17212. (Amended by Stats. 2009, Ch. 23, Sec. 3.)

California § 17212.

JurisdictionCalifornia

Code GOVGovernment Code - GOV

Div.4.

Title 2.DIVISION 4. FISCAL AFFAIRS

Part 4.PART 4. WARRANTS

Ch. 2.CHAPTER 2. Registered Warrants

Art. 1.ARTICLE 1. General

This text of California § 17212. (17212. (Amended by Stats. 2009, Ch. 23, Sec. 3.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Government Code - GOV Code § 17212. (2026).

Text

(a)Notwithstanding Section 17222, if at any time it is necessary to register warrants pursuant to this chapter for the payment of principal of or interest on notes issued pursuant to Section 17302, the warrants shall bear interest at either the fixed or variable interest rate specified in the notes as the interest rate for that warrant or, if no rate is set forth, the fixed or variable interest rate borne by the notes. In both cases, the interest rate on those warrants shall not exceed 12 percent per annum.

(b)Notwithstanding Section 17222, if at any time it is necessary to register warrants pursuant to this chapter for the payment of any obligations of the state under any credit enhancement or liquidity agreement, including in the form of a letter of credit, standby purchase agreement,

Free access — add to your briefcase to read the full text and ask questions with AI

(a)
Notwithstanding Section 17222, if at any time it is necessary to register warrants pursuant to this chapter for the payment of principal of or interest on notes issued pursuant to Section 17302, the warrants shall bear interest at either the fixed or variable interest rate specified in the notes as the interest rate for that warrant or, if no rate is set forth, the fixed or variable interest rate borne by the notes. In both cases, the interest rate on those warrants shall not exceed 12 percent per annum.
(b)
Notwithstanding Section 17222, if at any time it is necessary to register warrants pursuant to this chapter for the payment of any obligations of the state under any credit enhancement or liquidity agreement, including in the form of a letter of credit, standby purchase agreement, reimbursement agreement, liquidity facility, or other similar arrangement, authorized pursuant to Section 5922, the warrants shall bear interest at the fixed or variable rate specified in the credit enhancement or liquidity agreement as the interest rate for those warrants. Those registered warrants may provide for periodic payment of interest thereon prior to redemption.
(c)
Notwithstanding Section 17222, if at any time it is necessary to register warrants pursuant to this chapter for the payment of any periodic interest payment on registered warrants described in subdivision (b), the warrants shall bear interest at the fixed or variable rate specified in the credit enhancement or liquidity agreement as the interest rate for those warrants and shall be payable only upon redemption of the warrants.
(d)
Notwithstanding subdivisions (b) and (c), in no case shall the total sum of interest payments under the credit enhancement or liquidity agreement and on any warrants described in subdivisions (b) and (c) exceed the amount of the appropriation pursuant to law for the payment of interest under the credit enhancement or liquidity agreement.

Legislative History

Amended by Stats. 2009, Ch. 23, Sec. 3. Effective July 28, 2009.

View on official source ↗

Cite This Page — Counsel Stack

Bluebook (online)

California § 17212., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/GOV/17212..