§ 3925 Bond Maturity Payment Procedure

• •Bonds are automatically treated as redeemed on their maturity dates.
• •The State Treasurer must pay the bond’s value (and interest coupons) as soon as the matured bond is turned in.
• •Payments are made using the Controller’s warrants.

Jane bought a state bond that matures on June 30, 2026. On that day she hands the bond to the State Treasurer and receives the full face amount plus any interest coupon.

Because the bond has reached its maturity date, the law says it is automatically considered called in, so the Treasurer pays Jane the money right away using a warrant from the Controller.