ARTICLE 1. Investment of Surplus
Article 1 added by Stats. 1949, Ch. 81.
§§ 53600–53610 · 19 sections
- § 53600 As used in this article, “local agency” means county, city, city and county, including a chartered city or county, school district, community college district,…
- § 53600.3 Except as provided in subdivision (a) of Section 27000.3, all governing bodies of local agencies or persons authorized to make investment decisions on behalf…
- § 53600.5 When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, the primary objective of a trustee shall be to safeguard the…
- § 53600.6 The Legislature hereby finds that the solvency and creditworthiness of each individual local agency can impact the solvency and creditworthiness of the state…
- § 53601 This section shall apply to a local agency that is a city, a district, or other local agency that does not pool money in deposits or investments with other…
- § 53601.1 The authority of a local agency to invest funds pursuant to Section 53601 includes, in addition thereto, authority to invest in financial futures or financial…
- § 53601.2 As used in this article, “corporation” includes a limited liability company.
- § 53601.5 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…
- § 53601.6 (a) A local agency shall not invest any funds pursuant to this article or pursuant to Article 2 (commencing with Section 53630) in inverse floaters, range…
- § 53601.8 Notwithstanding any other provision of this code, a local agency that has the authority under law to invest funds, at its discretion, may invest a portion of…
- § 53602 The legislative body shall invest only in notes, bonds, bills, certificates of indebtedness, warrants, or registered warrants which are legal investments for…
- § 53603 The legislative body may make the investment by direct purchase of any issue of eligible securities at their original sale or after they have been issued.
- § 53604 The legislative body may sell, or exchange for other eligible securities, and reinvest the proceeds of, the securities purchased.
- § 53605 From time to time, the legislative body shall sell the securities so that the proceeds may be applied to the purposes for which the original purchase money was…
- § 53606 The bonds purchased, which were issued by the purchaser, may be canceled either in satisfaction or sinking fund obligations or otherwise. When canceled, they…
- § 53607 The authority of the legislative body to invest or to reinvest funds of a local agency, or to sell or exchange securities so purchased, may be delegated for a…
- § 53608 The legislative body of a local agency may deposit for safekeeping with a federal or state association (as defined by Section 5102 of the Financial Code), a…
- § 53609 Notwithstanding the provisions of this chapter or any other provisions of this code, funds held by a local agency pursuant to a written agreement between the…
- § 53610 (a) For purposes of this section, “Proposition 1A receivable” means the right to payment of moneys due or to become due to a local agency, pursuant to clause…