California Government Code

§ 16340

GOV § 16340 Effective Jun 27, 2012Div. 4 · Title 2 · Part 2 · Ch. 1

Statute text

(a)(1) The Voluntary Investment Program Fund is hereby created within the State Treasury, for the receipt of voluntary deposits from local entities.

(2)For purposes of this section, a “local entity” includes, but is not limited to, any city, county, school district, or special district.

(b)Each local entity that is approved by its governance body to deposit moneys in the fund shall deposit no less than a total of two hundred million dollars ($200,000,000). The total amount of moneys that may be deposited in the fund from all eligible sources shall not exceed, at any point in time, a total of ten billion dollars ($10,000,000,000), or lesser amount as determined by the Director of Finance, in consultation with the Treasurer.

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Legislative history

Added by Stats. 2012, Ch. 44, Sec. 1. (SB 1033) Effective June 27, 2012.