California Education Code

§ 22362

EDC § 22362 Effective Jan 1, 2007Div. 1 · Title 1 · Part 13 · Ch. 6

Statute text

(a)Notwithstanding any other provision of law, the board shall give first priority to investing not less than 25 percent of all funds of the plan that become available in a fiscal year for new investments, in any of the following:

(1)Obligations secured by a lien or charge solely on residential realty, including rental housing, located in the state and on the security of which, commercial banks are permitted to make loans pursuant to Article 2 (commencing with Section 1220) of Chapter 10 of Division 1 of the Financial Code.

(2)Securities representing a beneficial interest in a pool of obligations secured by a lien or charge solely on residential realty located in the state.

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Legislative history

Amended by Stats. 2006, Ch. 654, Sec. 3. Effective January 1, 2007.