State funds: State Agency Investment Fund.

(1) Existing law provides for the investment of certain state moneys by the Treasurer through the Pooled Money Investment Account, according to specified criteria. This bill would create the State Agency Investment Fund in the State Treasury, for the receipt of deposits by state agencies of up to $500,000,000 each, from moneys not required by law to be deposited in the Pooled Money Investment Account, for a total of $10,000,000,000 in the fund at any one time. It would authorize the Director of Finance, in consultation with the Treasurer, to set certain terms and conditions for the deposits, and require the Treasurer to invest the moneys held in the fund through the Pooled Money Investment Account, according to specified criteria. It would continuously appropriate moneys in the fund to the Controller for the payment of interest expenditures and the return of deposits to depositors. (2) The Administrative Procedure Act governs the procedure for the adoption, amendment, or repeal of regulations by state agencies and for the review of those regulatory actions by the Office of Administrative Law, subject to specified criteria. This bill would exempt activities conducted by the Director of Finance, in consultation with the Treasurer, in implementing and administering the investment program provided for in the bill from the provisions of the act. (3) This bill would declare that it is to take effect immediately as a bill providing for appropriations related to the Budget Bill.