Section 16670 Of Chapter 2. State Fiscal Agent From California Government Code >> Division 4. >> Title 2. >> Part 3. >> Chapter 2.

. Upon the recommendation of the Treasurer, the Governor may designate well-known and responsible banking firms or associations, or incorporated banking institutions having a paid-up capital and surplus of not less than one million dollars ($1,000,000) as the state fiscal agents for the payment of bonds and coupons issued by the State.