Matthew Dababneh
- Democratic
Author
Existing law prescribes the instruments in, and criteria by which, a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law, until January 1, 2017, authorizes, under certain conditions, a local agency to invest up to a certain percentage of its surplus funds in deposits at specified types of financial institutions that use a private sector entity to assist in the placement of deposits, whether those investments are certificates of deposit or in another form. With respect to investments other than a certificate of deposit, existing law limits the percentage of local agency funds that may be invested by any one private sector entity. Existing law, on and after January 1, 2017, limits this authority to invest surplus funds to investments in certificates of deposit. This bill would extend the existing temporary authority for a local agency to invest its surplus funds, in certificates of deposit or in another form of investment, until January 1, 2021, and for that time period, would remove a limitation on the percentage of local agency funds that may be invested in certificates of deposit. This bill would, on and after January 1, 2021, indefinitely authorize a local agency to invest surplus funds to investments in certificates of deposit, as specified. This bill would also remove the limit on the percentage of local agency funds that may be invested by any one private sector entity, as specified.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 181, Statutes of 2015.
Enrolled and presented to the Governor at 3 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 2353.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after July 11 pursuant to Assembly Rule 77.
Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 1878.).
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 7. Noes 0.) (July 1).
Read second time and amended. Re-referred to Com. on GOV. & F.
From committee: Amend, and do pass as amended and re-refer to Com. on GOV. & F. (Ayes 7. Noes 0.) (June 17).
Referred to Coms. on B. & F.I. and GOV. & F.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 80. Noes 0. Page 1015.)
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 11. Noes 0.) (April 13).
From committee: Do pass and re-refer to Com. on B. & F. with recommendation: To Consent Calendar. (Ayes 9. Noes 0.) (April 8). Re-referred to Com. on B. & F.
From printer. May be heard in committee March 14.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB283 | HTML |
| 02/11/15 - Introduced | |
| 06/23/15 - Amended Senate | |
| 07/15/15 - Enrolled | |
| 08/12/15 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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