For the purposes of this article, the following definitions shall apply: (a) âInvesting authority,â with respect to any State Treasury fund, means the state agency authorized by law to purchase or sell bond investments on behalf of that fund. (b) âEffective dateâ means the date on which the sale or transfer of bonds is to take effect. (c) âMarket valueâ means the market value of the bonds to be sold, purchased, or transferred, as that value is jointly determined by the respective investing authorities of the funds affected by the transaction, plus the accrued interest on the bonds, as of the effective date. If the respective investing authorities fail to agree, the âmarket valueâ of the bonds shall be determined by the Treasurer. (d) âBondâ means any bond, note, or other form of indebtedness that is a legal investment for any state fund affected by the transaction.
‹ Prev All California sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.