California Government Code

§ 53649

GOV § 53649Div. 2 · Title 5 · Part 1 · Ch. 4 · Art. 2

Statute text

The treasurer is responsible for the safekeeping of money in his or her custody and shall enter into any contract with a depository relating to any deposit which in his or her judgment is to the public advantage. The depository, and the agent of depository to the extent the agent of depository has been notified of deposits and the amount thereof, are responsible for securing moneys deposited pursuant to such a contract in accordance with Section 53652. One copy of each contract shall be filed with the auditor, controller, secretary, or corresponding officer of the local agency. The contract shall:

(a)Fix the duration of deposits, if appropriate.

(b)Fix the interest rate, if any.

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Legislative history

Amended by Stats. 1987, Ch. 841, Sec. 1.