California Government Code

§ 16429.1

GOV § 16429.1 Effective Jun 20, 2014Div. 4 · Title 2 · Part 2 · Ch. 2 · Art. 11

Statute text

(a)There is in trust in the custody of the Treasurer the Local Agency Investment Fund, which fund is hereby created. The Controller shall maintain a separate account for each governmental unit having deposits in this fund.

(b)Notwithstanding any other law, a local governmental official, with the consent of the governing body of that agency, having money in its treasury not required for immediate needs, may remit the money to the Treasurer for deposit in the Local Agency Investment Fund for the purpose of investment.

(c)Notwithstanding any other law, an officer of any nonprofit corporation whose membership is confined to public agencies or public officials, or an officer of a qualified quasi-governmental agency, with the consent of the governing body of that agency, having money in its treasury not required for immediate needs, may remit the money to the Treasurer for deposit in the Local Agency Investment Fund for the purpose of investment.

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Legislative history

Amended by Stats. 2014, Ch. 28, Sec. 39. (SB 854) Effective June 20, 2014.