Kevin McCarty
- Democratic
Author
Existing law prescribes the instruments and criteria by which a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law, until January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in deposits at specified types of financial institutions that use a private sector entity to assist in the placement of deposits, as specified. Existing law, on and after January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in certificates of deposit at specified types of financial institutions. This bill would instead, commencing January 1, 2020, authorize a local agency to invest and deposit the agency's surplus funds in deposits at specified types of financial institutions whether those investments are in certificates of deposit or another form. The bill, from January 1, 2020, until January 1, 2026, also would increase to 50% the percentage of funds that can be so invested by a city, district, or other local agency that does not pool money in deposits or investments with other local agencies with a different governing body. The bill would, on and after January 1, 2026, authorize those same cities, districts, and agencies to invest up to 30% of the agency's surplus funds in the same manner described above. The bill would make additional conforming changes.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 619, Statutes of 2019.
Enrolled and presented to the Governor at 3:30 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 3277.).
Assembly Rule 77 suspended. (Page 3252.)
Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 1. Page 2679.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 11 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time and amended. Ordered to third reading.
From committee: Amend, and do pass as amended. (Ayes 7. Noes 0.) (June 26).
Joint Rule 62(a) suspended. (Page 1716.)
From committee: Do pass and re-refer to Com. on B. & F.I. (Ayes 5. Noes 0.) (June 19). Re-referred to Com. on B. & F.I.
In committee: Hearing postponed by committee.
Referred to Coms. on GOV. & F. and B. & F.I.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 75. Noes 0. Page 1396.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 12. Noes 0.) (April 22).
Coauthors revised.
From committee: Do pass and re-refer to Com. on B. & F. (Ayes 8. Noes 0.) (April 10). Re-referred to Com. on B. & F.
From printer. May be heard in committee March 23.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB945 | HTML |
| 02/20/19 - Introduced | |
| 07/01/19 - Amended Senate | |
| 09/04/19 - Amended Senate | |
| 09/13/19 - Enrolled | |
| 10/08/19 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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