California Code, Public Utilities Code - PUC § 13151.4

The board may provide for such bonds being payable to bearer or only to the registered holder, either as to principal alone, or as to both principal and interest;  for such bonds being with or without coupons;  for such bonds being nonregisterable, or registerable, either as to principal alone, or as to both principal and interest;  for such bonds being exchangeable or nonexchangeable, convertible or nonconvertible;  and for the reissuance of bonds or coupons which have been surrendered and preserved, or for the issuance of new bonds or coupons in the place of bonds or coupons which have been surrendered and canceled, wherever appropriate as incident to the discharge of any bond from registration, or to any exchange or conversion of any bond;  all on such terms and conditions, and at such place or places, within or without the State of California, as the board may determine.