BILL NUMBER: AB 1506 AMENDED BILL TEXT AMENDED IN ASSEMBLY JULY 1, 2009 AMENDED IN ASSEMBLY JUNE 29, 2009 AMENDED IN ASSEMBLY MAY 14, 2009 INTRODUCED BY Assembly Member Anderson (Coauthors: Assembly Members Adams, Bill Berryhill, Tom Berryhill, Duvall, Fletcher, Gaines, Garrick, Hagman, Harkey, Jeffries, Knight, Logue, Miller, Nestande, Niello, Nielsen, Silva, Smyth, Audra Strickland, Tran, and Villines) FEBRUARY 27, 2009 An act to add Section 17203.6 to the Government Code, relating to state funds, and declaring the urgency thereof, to take effect immediately. LEGISLATIVE COUNSEL'S DIGEST AB 1506, as amended, Anderson. State funds: registered warrants. Existing law prescribes procedures for the issuance of registered warrants and provides that a registered warrant is acceptable and may be used as security for the performance of any public or private trust or obligation. This bill would require a state agency to accept, from any person or entity, a registered warrant or other similar evidence of indebtedness issued by the Controller endorsed by that payee, at full face value, for the payment of any obligations owed by that payee to that state agency. This bill would declare that it is to take effect immediately as an urgency statute. Vote: 2/3. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 17203.6 is added to the Government Code, to read: 17203.6. A state agency shall accept from any person or entity a registered warrant or other similar evidence of indebtedness issued by the Controller that is endorsed by that payee, at full face value, for the payment of any obligations owed by that payee to that state agency. SEC. 2. This act is an urgency statute necessary for the immediate preservation of the public peace, health, or safety within the meaning of Article IV of the Constitution and shall go into immediate effect. The facts constituting the necessity are: In order to allow the residents of the state to pay for all obligations owed to the state, while the state is issuing registeredwarrants, which is, in fact an "IOU" issued by the state, it iswarrants, or other similar debt instruments, which are, in fact, "IOUs" issued by the state, it is necessary that this act take effect immediately.