AB 2480

Bill Subjects

Abstract

Existing law requires the Treasurer to invest, or deposit in banks and savings and loan associations, specified state moneys designated as surplus and determined to be available for that purpose by the Pooled Money Investment Board. Existing law prescribes eligible securities for the investment of surplus moneys under these provisions, including bonds, notes, and warrants of this state and bonds or warrants of any county, city, or specified types of districts of this state. This bill would expand the scope of securities eligible for investment under these provisions to include loans issued by the California Infrastructure and Economic Development Bank for the financing of infrastructure projects by local agencies. The bill, by January 1, 2022, would require the Treasurer to target an investment of 1% of the average daily balance of the Pooled Money Investment Account in these securities.