Bill Text: CA AB2298 | 2013-2014 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Local agency funds.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2014-08-19 - Chaptered by Secretary of State - Chapter 214, Statutes of 2014. [AB2298 Detail]

Download: California-2013-AB2298-Introduced.html

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BILL NUMBER: AB 2298	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Rodriguez

                        FEBRUARY 21, 2014

   An act to amend Section 53663 of the Government Code, relating to
local agencies.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2298, as introduced, Rodriguez. Local agency funds.
    Existing law imposes various conditions and restrictions on the
investment and deposit of the funds of local agencies. Existing law
authorizes the Administrator of Local Agency Security of the State of
California to examine a depository, as defined, in which the moneys
of local agencies are deposited, and requires the depository to
provide the administrator with specified reports and information,
including a weekly report regarding the total amount of all deposits
held by the depository, as provided.
   This bill would authorize the weekly report to be delivered to the
Administrator of Local Agency Security of the State of California
electronically via facsimile or email.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 53663 of the Government Code is amended to
read:
   53663.  (a) Each agent of depository shall report in writing to
the administrator within two business days after any withdrawal,
substitution or addition of pooled securities and shall state the
name and market value of the securities withdrawn, substituted or
added together with the total deposits then secured by the pool. This
information shall be available from the administrator to the
treasurer upon request.
   (b) Each depository shall report in writing to the administrator
weekly, giving the total amount of all deposits held by such
depository pursuant to this article. Such report shall be as of close
of business on Wednesday of each week and shall be delivered to the
office of the  administrator or   administrator,
 deposited in the United States mail, postage prepaid,  or
delivered electronically via facsimile or email,  addressed to
the office of the administrator, within five business days. Where
there has occurred no change in the deposits required to be held by
the depository pursuant to this article, the report required by this
subdivision need only state that fact.