§ 13874 Bond Sale Authorization

• •The state can sell special money papers (bonds) to get cash when they need it.
• •The person in charge of the state's money (State Treasurer) decides when to sell these papers.
• •This rule was added a long time ago, in 1975, and people voted to approve it in 1976.

Imagine the state needs money to fix roads but doesn’t have enough cash right now.

The State Treasurer can sell bonds (like IOUs) to people or companies. Those who buy the bonds give the state money now, and the state promises to pay them back later with a little extra.