State funds: registered warrants.

Existing law provides that whenever the Controller draws a warrant upon the Treasurer payable out of the General Fund in an amount in excess of the balance remaining in the unapplied money in the General Fund, as specified, the Controller shall upon the same day present it to the Treasurer who shall endorse it in accordance with certain procedures, thereby creating registered warrants. The Controller, with the approval of the Pooled Money Investment Board, is authorized to fix a maturity date for registered warrants. This bill would allow a registered warrant to be redeemed at the option of the Pooled Money Investment Board prior to the maturity date of the warrant at a redemption price, calculated as specified. The California Constitution authorizes the Governor to declare a fiscal emergency and to call the Legislature into special session for that purpose. The Governor issued a proclamation declaring a fiscal emergency, and calling a special session for this purpose, on December 19, 2008. This bill would state that it addresses the fiscal emergency declared by the Governor by proclamation issued on December 19, 2008, pursuant to the California Constitution. This bill would declare that it is to take effect immediately as an urgency statute.