California Code, Government Code - GOV § 16486

(a) “Investing authority,” with respect to any State Treasury fund, means the state agency authorized by law to purchase or sell bond investments on behalf of that fund.

(b) “Effective date” means the date on which the sale or transfer of bonds is to take effect.

(c) “Market value” means the market value of the bonds to be sold, purchased, or transferred, as that value is jointly determined by the respective investing authorities of the funds affected by the transaction, plus the accrued interest on the bonds, as of the effective date. If the respective investing authorities fail to agree, the “market value” of the bonds shall be determined by the Treasurer.

(d) “Bond” means any bond, note, or other form of indebtedness that is a legal investment for any state fund affected by the transaction.