California Registered Warrants
Also referred to as "IOUs" by the U.S. state of California, the term "Registered Warrants", which specify a future payment date, is meant to differentiate these IOUs from regular, or “normal” payroll warrants which permit the holder to exchange their warrant for cash immediately. For both types of warrants, redeeming them may be delayed until funds are available. Because of this uncertainty, warrants are not negotiable instruments. Registered Warrants were issued in July 2009 due to a temporary inability of the state of California to redeem its warrants. Warrants are issued as payment to state employees, private businesses, local governments, taxpayers receiving tax refunds, and owners of unclaimed money.
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Famous quotes containing the words california and/or registered:
“We have advanced by leaps to the Pacific, and left many a lesser Oregon and California unexplored behind us.”
—Henry David Thoreau (1817–1862)
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—Robert Benchley (1889–1945)