Government finance.

Existing law specifies the types of securities that are eligible for the investment of surplus state funds, including commercial paper of "prime" quality as defined by a nationally recognized organization that rates these securities, if the commercial paper is issued by a corporation, trust, or limited liability company that is approved by the Pooled Money Investment Board as meeting specified conditions. Existing law prohibits a purchase of commercial paper from exceeding 180 days maturity. This bill would additionally include commercial paper issued by a federally or state-chartered bank or a state-licensed branch of a foreign bank that is approved by the Pooled Money Investment Board as meeting the specified conditions. This bill would prohibit a purchase of commercial paper from exceeding 270 days maturity. The County Jail Capital Expenditure Bond Act of 1981 authorized the issuance and sale of $280,000,000 in state general obligation bonds to finance the construction, reconstruction, remodeling, and replacement of county jails and for deferred maintenance. The act establishes the County Jail Capital Expenditure Finance Committee for the purpose of authorizing the issuance and sale of the bonds authorized by the act. The County Jail Capital Expenditure Bond Act of 1984 authorized the issuance and sale of $250,000,000 in state general obligation bonds to finance the construction, reconstruction, remodeling, and replacement of county jails and for deferred maintenance. The act establishes the County Jail Capital Expenditure Finance Committee for the purpose of authorizing the issuance and sale of the bonds authorized by the act. The New Prison Construction Bond Act of 1981 authorized the issuance and sale of $495,000,000 in state general obligation bonds to finance the construction, renovation, and remodeling of state correctional facilities and for deferred maintenance. The act establishes the New Prison Construction Committee for the purpose of authorizing the issuance and sale of the bonds authorized by the act. The New Prison Construction Bond Act of 1984 authorized the issuance and sale of $300,000,000 in state general obligation bonds to finance the construction, renovation, and remodeling of state correctional facilities and for deferred maintenance. The act establishes the 1984 Prison Construction Committee for the purpose of authorizing the issuance and sale of the bonds authorized by the act. The Cameron-Unruh Beach, Park, Recreational, and Historical Facilities Bond Act of 1964 authorized the issuance and sale of $150,000,000 in state general obligation bonds to finance the acquisition and development of lands for recreational purposes. The act establishes the State Park and Recreation Finance Committee for the purpose of authorizing the issuance and sale of the bonds authorized by the act. The State Beach, Park, Recreational, and Historical Facilities Bond Act of 1974, also known as the Z'berg-Collier Park Bond Act, authorized the issuance and sale of $250,000,000 in state general obligation bonds to finance the acquisition and development of lands for recreational purposes. The act establishes the State Park and Recreation Finance Committee for the purpose of authorizing the issuance and sale of the bonds authorized by the act. Existing law, known as the Recreation and Fish and Wildlife Enhancement Bond Act of 1970, authorized the issuance and sale of $60,000,000 in state general obligation bonds to finance the design and construction of recreation facilities, fish and wildlife enhancement features, and fishing access sites. Existing law establishes the Recreation and Fish and Wildlife Enhancement Finance Committee for the purpose of authorizing the issuance and sale of the bonds authorized by these provisions. The Clean Water Bond Law of 1970 authorized the issuance and sale of $250,000,000 in state general obligation bonds to finance grants to municipalities for water reclamation projects. The Clean Water Bond Law of 1970 establishes the Clean Water Finance Committee for the purpose of authorizing the issuance and sale of the bonds authorized by these provisions. The Clean Water Bond Law of 1974 authorized the issuance and sale of $250,000,000 in state general obligation bonds to finance grants to municipalities for water reclamation projects. The Clean Water Bond Law of 1974 establishes the Clean Water Finance Committee for the purpose of authorizing the issuance and sale of the bonds authorized by these provisions. This bill would repeal all of the above-described laws.