Amended in Senate June 10, 2014

California Legislature—2013–14 Regular Session

Assembly Bill No. 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 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 begin delete facsimile or end delete email begin insert or other electronic means approved by the administrator end insert .

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 begin insert , end insert or addition of pooled securities and shall state the
name and market value of the securities withdrawn, substituted begin insert , end insert
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 begin delete such end delete begin insert the end insert
depository pursuant to this article. begin delete Such end delete begin insert The end insert 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
begin delete facsimile or end delete email begin insert , or other electronic means approved by the
administrator end insert , 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.