AB 283 California Assembly · 2015-2016 Regular Session

Financial affairs.

Summary

Existing law prescribes the instruments in, and criteria by which, a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law, until January 1, 2017, authorizes, under certain conditions, a local agency to invest up to a certain percentage of its surplus funds in deposits at specified types of financial institutions that use a private sector entity to assist in the placement of deposits, whether those investments are certificates of deposit or in another form. With respect to investments other than a certificate of deposit, existing law limits the percentage of local agency funds that may be invested by any one private sector entity. Existing law, on and after January 1, 2017, limits this authority to invest surplus funds to investments in certificates of deposit. This bill would extend the existing temporary authority for a local agency to invest its surplus funds, in certificates of deposit or in another form of investment, until January 1, 2021, and for that time period, would remove a limitation on the percentage of local agency funds that may be invested in certificates of deposit. This bill would, on and after January 1, 2021, indefinitely authorize a local agency to invest surplus funds to investments in certificates of deposit, as specified. This bill would also remove the limit on the percentage of local agency funds that may be invested by any one private sector entity, as specified.

Bill status signed all 5 stages cleared

Introduction

Feb 2015

Committee Review

Jul 2015

Assembly Passage

Apr 2015

Senate Passage

Jul 2015

Signed into Law

Aug 2015

Introduced Feb 11, 2015 Signed Aug 12, 2015

Floor votes · Senate Jul 9, 2015 · Assembly Jul 13, 2015

How they voted

32–0

Passed · 1 other

Total votes 33

Jul 9, 2015

D Democratic23

23 Yea

100% Yea

R Republican10

9 Yea 1

90% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Aug 12, 2015

Signed into law

Approved by the Governor.

legislature

Jul 13, 2015

Assembly · Passed

Assembly Vote: pass (71-0-1)

assembly

Jul 13, 2015

Lower · Passed

Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 2353.).

lower

Jul 9, 2015

Senate · Passed

Senate Vote: pass (32-0-1)

senate

Jul 9, 2015

Introduced

In Assembly. Concurrence in Senate amendments pending. May be considered on or after July 11 pursuant to Assembly Rule 77.

lower

Jul 1, 2015

Upper · Passed

From committee: Do pass. To Consent Calendar. (Ayes 7. Noes 0.) (July 1).

upper

Jun 23, 2015

Committee

Read second time and amended. Re-referred to Com. on GOV. & F.

upper

Jun 22, 2015

Introduced

From committee: Amend, and do pass as amended and re-refer to Com. on GOV. & F. (Ayes 7. Noes 0.) (June 17).

upper

May 7, 2015

Committee

Referred to Coms. on B. & F.I. and GOV. & F.

upper

Apr 14, 2015

Lower · Passed

From committee: Do pass. To Consent Calendar. (Ayes 11. Noes 0.) (April 13).

lower

Apr 9, 2015

Committee

From committee: Do pass and re-refer to Com. on B. & F. with recommendation: To Consent Calendar. (Ayes 9. Noes 0.) (April 8). Re-referred to Com. on B. & F.

lower

Feb 23, 2015

Committee

Referred to Coms. on L. GOV. and B. & F.

lower

Feb 12, 2015

Lower · Passed

From printer. May be heard in committee March 14.

lower

1 primary · 0 co-sponsors