{"code":"GOV","codeName":"Government Code","section":"53601.5","citation":"Gov. Code, § 53601.5","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"TITLE 5. LOCAL AGENCIES [50001. - 57607.]","url":"https://blackletter.si/government-code/title-5"},{"name":"DIVISION 2. CITIES, COUNTIES, AND OTHER AGENCIES [53000. - 55821.]","url":"https://blackletter.si/government-code/title-5/division-2"},{"name":"PART 1. POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES [53000. - 54999.7.]","url":"https://blackletter.si/government-code/title-5/division-2/part-1"},{"name":"CHAPTER 4. Financial Affairs [53600. - 53997.]","url":"https://blackletter.si/government-code/title-5/division-2/part-1/chapter-4"},{"name":"ARTICLE 1. Investment of Surplus [53600. - 53610.]","url":"https://blackletter.si/government-code/title-5/division-2/part-1/chapter-4/article-1"}],"history":"Amended by Stats. 2001, Ch. 57, Sec. 2.   Effective January 1, 2002.","effective":"2002-01-01","html":"<p>The purchase by a local agency of any investment authorized pursuant to Section <a href=\"/gov/53601\">53601</a> or <a href=\"/gov/53601.1\">53601.1</a>, not purchased directly from the issuer, shall be purchased either from an institution licensed by the state as a broker-dealer, as defined in Section <a href=\"/corp/25004\">25004</a> of the Corporations Code, or from a member of a federally regulated securities exchange, from a national or state-chartered bank, from a savings association or federal association (as defined by Section <a href=\"/fin/5102\">5102</a> of the Financial Code) or from a brokerage firm designated as a primary government dealer by the Federal Reserve bank.</p>","text":"The purchase by a local agency of any investment authorized pursuant to Section 53601 or 53601.1, not purchased directly from the issuer, shall be purchased either from an institution licensed by the state as a broker-dealer, as defined in Section 25004 of the Corporations Code, or from a member of a federally regulated securities exchange, from a national or state-chartered bank, from a savings association or federal association (as defined by Section 5102 of the Financial Code) or from a brokerage firm designated as a primary government dealer by the Federal Reserve bank.","otherVersions":[],"url":"https://blackletter.si/government-code/investment-of-surplus-53601-5","source":"California Legislative Information bulk export (pubinfo)"}