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Warrant
Structure and featuresComparison with call optionsTypes of WarrantsTraditionalNakedThird Party WarrantsGovernment issuedTraded warrantsPricing
Structure and featuresComparison with call optionsTypes of WarrantsTraditionalNakedThird Party WarrantsGovernment issuedTraded warrantsPricing
Government issued
Also, when a government agency issues checks which they are unable to pay (due to lack of money) but are redeemable some point in the future, usually with interest, these are also called '''warrants'''. In the late 1990s, when the State of California had a budget crisis due to a disagreement between the governor and the legislature, the state treasurer was forced to issue warrants paying 18% interest in lieu of being able to pay the state's bills with real money. The state had not issued warrants since before the Depression of the 1930s. Many institutions accepted them at face value because of the interest provision. Interestingly, the comptroller of Los Angeles County, California|Los Angeles County was buying the warrants because the county had surplus funds to take advantage of the higher interest rates on the warrants.In some states, a warrant is a demand draft drawn on a government's treasury to pay its bills. Checks or electronic payments have replaced these warrants, but in Arkansas, some counties and school districts uses warrants for non-electronic payments