California Government Code

§ 6509.7

GOV § 6509.7 Effective Jan 1, 2021Div. 7 · Title 1 · Ch. 5 · Art. 1

Statute text

(a)Notwithstanding any other provision of law, two or more public agencies that have the authority to invest funds in their treasuries may, by agreement, jointly exercise that common power. Funds invested pursuant to an agreement entered into under this section may be invested in securities and obligations as described by subdivision (p) of Section 53601. A joint powers authority formed pursuant to this section may issue shares of beneficial interest to participating public agencies. Each share shall represent an equal proportionate interest in the underlying pool of securities owned by the joint powers authority. To be eligible under this section, the joint powers authority issuing the shares of beneficial interest shall have retained an investment adviser that meets all of the following criteria:

(1)The adviser is registered or exempt from registration with the Securities and Exchange Commission.

(2)The adviser has not less than five years of experience investing in the securities and obligations authorized in subdivisions (a) to (o), inclusive, of Section 53601.

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Legislative history

Amended by Stats. 2020, Ch. 235, Sec. 1. (SB 998) Effective January 1, 2021.