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HomeHarbors and Navigation CodeDiv. 6Pt. 4Ch. 1§ 3921 State Bond Payment Duty

§ 3921 State Bond Payment Duty

Harbors and Navigation Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 3921 State Bond Payment Duty

This law says the State Treasurer has to pay the money owed on state bonds and their interest when the bonds reach their due date or are called early, as soon as the bond or interest coupon is turned in.

Key Takeaways

  • •The Treasurer must pay the bond’s principal on its maturity date.
  • •If a bond is called for early redemption, payment is due on the call date.
  • •Interest coupons are paid on their due dates unless the bond was redeemed early, which cancels the remaining coupons.
  • •Payment is made when the bond or coupon is handed over to the Treasurer or an authorized state fiscal agent.

Example

Jane bought a state bond that matures on July 1, 2026. On that day she takes the bond to the State Treasurer’s office.

Because the bond has reached its maturity date, the Treasurer must give Jane the full amount the bond is worth. If the bond had been called early, the Treasurer would have to pay her on the call date instead.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 3921 State Bond Payment Duty

The State Treasurer directly or through a state fiscal agent, or agents, shall, on the respective dates of maturity of all bonds, or on the date fixed for the prior redemption of any thereof which may be duly called for redemption, and on the respective due dates of all coupons pertaining to any of said bonds, other than coupons canceled because of the redemption of any of said bonds prior to maturity, or as soon thereafter as said bonds or coupons respectively are surrendered to him, or to such state fiscal agent, or agents, pay the same. (Added by Stats. 1958, 1st Ex. Sess., Ch. 103.)

Last verified: January 11, 2026

Key Terms

State Treasurerstate fiscal agentbondscouponsmaturityredemption

Related Statutes

  • § 3923 Bond Destruction Authority
  • § 3925 Bond Maturity Payment Procedure
  • § 3926 Bond Redemption Authority
  • § 3906 Bond Issuance Authorization Limits
  • § 3907 Bond Issue Approval Process

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Harbors and Navigation Code. Section 3921.
View Official Source