California Legislature—2013–14 Regular Session

Assembly BillNo. 2298


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:

P1    1

SECTION 1.  

Section 53663 of the Government Code is
2amended to read:

3

53663.  

(a) Each agent of depository shall report in writing to
4the administrator within two business days after any withdrawal,
P2    1substitution or addition of pooled securities and shall state the
2name and market value of the securities withdrawn, substituted or
3added together with the total deposits then secured by the pool.
4This information shall be available from the administrator to the
5treasurer upon request.

6(b) Each depository shall report in writing to the administrator
7weekly, giving the total amount of all deposits held by such
8depository pursuant to this article. Such report shall be as of close
9of business on Wednesday of each week and shall be delivered to
10the office of thebegin delete administrator orend deletebegin insert administrator,end insert deposited in the
11United States mail, postage prepaid,begin insert or delivered electronically
12via facsimile or email,end insert
addressed to the office of the administrator,
13within five business days. Where there has occurred no change in
14the deposits required to be held by the depository pursuant to this
15article, the report required by this subdivision need only state that
16fact.



O

    99