California Health and Safety Code

§ 34179.5

HSC § 34179.5 Effective Jun 27, 2012Div. 24 · Part 1.85 · Ch. 4

Statute text

(a)In furtherance of subdivision (d) of Section 34177, each successor agency shall employ a licensed accountant, approved by the county auditor-controller and with experience and expertise in local government accounting, to conduct a due diligence review to determine the unobligated balances available for transfer to taxing entities. As an alternative, an audit provided by the county auditor-controller that provides the information required by this section may be used to comply with this section with the concurrence of the oversight board.

(b)For purposes of this section the following terms shall have the following meanings:

(1)“Cash” and “cash equivalents” includes, but is not limited to, cash in hand, bank deposits, Local Agency Investment Fund deposits, deposits in the city or county treasury or any other pool, marketable securities, commercial paper, United States Treasury bills, banker’s acceptances, payables on demand and amounts due from other parties as defined in subdivision (c), and any other money owned by the successor agency.

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Legislative history

Added by Stats. 2012, Ch. 26, Sec. 17. (AB 1484) Effective June 27, 2012.