Phillip Chen
- Republican
- Assemblymember
- District 59
Author
Existing law authorizes a local agency that has the authority under law to invest funds, at its discretion, to invest a portion of its surplus funds in deposits at a commercial bank, savings bank, savings and loan association, or credit union that uses a private sector entity that assists in the placement of deposits, subject to certain conditions. Existing law, until January 1, 2026, prohibits deposits placed pursuant to that provision from exceeding 50% of the agency's funds that may be so invested and, on and after January 1, 2026, reduces that deposit limit to 30% of the agency's funds that may be so invested. This bill would extend the date of the reduction to the 30% deposit limit to January 1, 2031. Existing law establishes the California Debt and Investment Advisory Commission for, among other purposes, undertaking or commissioning studies on methods to reduce the costs and improve credit ratings of state and local issues and collecting, maintaining, and providing information on local agency investments of public funds for local agency investment. This bill would require the California Debt and Investment Advisory Commission, on or before January 1, 2030, to submit a prescribed report to the appropriate policy committees of the Legislature on the deposit of surplus funds pursuant to existing law by local agencies.
In committee: Hearing postponed by committee.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (June 19). Re-referred to Com. on APPR.
Read second time and amended. Re-referred to Com. on B. & F.I.
From committee: Amend, and do pass as amended and re-refer to Com. on B. & F.I. (Ayes 7. Noes 0.) (May 29).
Read third time. Passed. Ordered to the Senate. (Ayes 65. Noes 0.)
In Senate. Read first time. To Com. on RLS. for assignment.
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 9. Noes 0.) (May 1).
From committee: Do pass and re-refer to Com. on L. GOV. (Ayes 9. Noes 0.) (April 15). Re-referred to Com. on L. GOV.
Re-referred to Coms. on B. & F. and L. GOV.
From committee chair, with author's amendments: Amend, and re-refer to Com. on L. GOV. Read second time and amended.
From printer. May be heard in committee March 16.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB2618 | HTML |
| 02/14/24 - Introduced | |
| 03/21/24 - Amended Assembly | |
| 05/30/24 - Amended Senate |
| Document | Format |
|---|---|
| 04/12/24- Assembly Banking and Finance | |
| 04/30/24- Assembly Local Government | |
| 05/25/24- Senate Local Government | |
| 06/17/24- Senate Banking and Financial Institutions |
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