State and local government.

Existing law establishes the Local Agency Investment Fund, authorizes a local government having money in its treasury not required for immediate needs to remit it to the Treasurer for deposit in that fund for the purpose of investment, and prescribes the handling of that money. This bill would establish the Voluntary Investment Program Fund within the State Treasury for the receipt of voluntary deposits from local entities, as specified. The bill would provide that the deposits in the fund may be used only to cover short-term cash needs of the state, as specified. This bill would appropriate $1,000 from the General Fund to the Department of Finance for the administration of its provisions. This bill would declare that it is to take effect immediately as a bill providing for appropriations related to the Budget Bill.