§ 17275 Warrant Interest Accrual Rules

Any interest paid on any registered warrant shall accrue to the person holding the warrant on the date of redemption, except a registered reimbursement warrant may provide otherwise. A registered warrant ceases to bear interest on the first of the following dates: (a) The maturity date endorsed on its face, if any, if on that date unapplied money or the proceeds of refunding warrants are available for its payment. (b) The date of redemption, so long as the date is at least three days following the first day of published notice pursuant to Section 17273. (c) The date a registered warrant is used by a taxpayer, pursuant to Section 17280.1, or by a beneficial owner of a state bond, pursuant to Section 17280.3, to offset a tax liability of the taxpayer or beneficial owner. (Amended by Stats. 2011, Ch. 306, Sec. 1. (SB 506) Effective January 1, 2012.)