BILL NUMBER: AB 2298	AMENDED
	BILL TEXT

	AMENDED IN SENATE  JUNE 10, 2014

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 amended, 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  or
other   electronic means approved by the administrator 
.
   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state the name and market value of the securities withdrawn,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
  the  depository pursuant to this article.
 Such   The  report shall be as of close of
business on Wednesday of each week and shall be delivered to the
office of the administrator, deposited in the United States mail,
postage prepaid, or delivered electronically via  facsimile
or  email  , or other electronic means approved by the
administrator  , 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.