California Government Code

§ 53635.8

GOV § 53635.8 Effective Jan 1, 2020Div. 2 · Title 5 · Part 1 · Ch. 4 · Art. 2

Statute text

Notwithstanding any other provision of this code, a local agency that has the authority under law to invest funds, at its discretion, may 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. The following conditions shall apply:

(a)The local agency shall choose a nationally or state-chartered commercial bank, savings bank, savings and loan association, or credit union in this state to invest the funds, which shall be known as the “selected” depository institution.

(b)The selected depository institution may use a private sector entity to help place local agency deposits with one or more commercial banks, savings banks, savings and loan associations, or credit unions that are located in the United States and are within the network used by the private sector entity for this purpose.

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Legislative history

Amended (as amended by Stats. 2015, Ch. 181, Sec. 3) by Stats. 2019, Ch. 619, Sec. 4. (AB 945) Effective January 1, 2020.