AB 1150, as introduced, Fong. Security loan agreements.
Existing law authorizes specified state agencies to enter into security loan agreements with broker-dealers and with any state or national banks, as specified. Existing law also states the intent of the Legislature that, among other things, specified state agencies be authorized to invest marketable securities by entering into security loan agreements.
This bill would make nonsubstantive changes to these provisions.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 7600 of the Government Code is amended
2to read:
It is the intent of the Legislature thatbegin insert all of the following
4occurend insert:
5(a) Specified state agencies be authorized to invest marketable
6securities by entering into security loanbegin delete agreements;end deletebegin insert agreements.end insert
7(b) State agenciesbegin delete charged with such authorityend deletebegin insertauthorized to
8invest marketable securitiesend insert exercise prudence in makingbegin delete such begin insert a security loan agreement.end insert
9agreements;end delete
P2 1(c) Sound fiscal management be established with respect to
2transactions involving security agreements.
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