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california . county treasurer’s . reference manual . california association of county treasurers and tax collectors april 1, 2012 revised october 1, 2014
A tax collector of a local agency shall immediately deposit with the treasurer all money under his control, unless he deposits the money in a depositary pursuant to this article under permission and instructions of the treasurer having authority to make such deposit.
The treasurer shall keep all money belonging to the State, or any county of the State in his own possession until disbursed according to law. He shall not place the money in the possession of any person to be used for any purpose, nor shall he loan or in any manner use, or permit any person to use it, except as provided by law.
XVI, § 6. Prohibits the giving or lending public funds to any person or entity, public or private. Prohibition includes aid, making of gift, pledging of credit, payment of liabilities. Encompasses the giving of monetary funds and any “thing of value”.
It states that the Legislature shall have no power to: Give or lend the credit of the state or any political subdivision or to pledge the credit for payment of liabilities. Make any gift of any public money or thing of value. Gifts To the State. Statutory Provisions.
There are two types most pertinent to public finance – general obligation bonds and revenue bonds. This guide will focus on revenue bonds. Go to treasurer.ca.gov/publications to download our previous guide on general obligation bonds.
In California, unclaimed property or lost money is the responsibility of the State Controller's Office (SCO). Questions regarding unclaimed property should be directed to the SCO.
