reglab/statecodes huggingface dataset:
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 2 - Special Funds › ARTICLE 13 - 2022 California Arrearage Payment Program › Section 16429.8.

16429.8. The Legislature finds and declares all of the following:
(a) On March 4, 2020, Governor Newsom proclaimed that a state of emergency exists in California as a result of the rise of COVID-19.
(b) A nationwide emergency in response to COVID-19 was declared on March 13, 2020, pursuant to the federal Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. Sec. 5121 et seq.). A federal major disaster declaration for California was approved on March 20, 2020, and is still in effect.
(c) Under Section 139 of the Internal Revenue Code, certain payments made by the state to individuals in connection with the COVID-19 pandemic qualify as disaster relief payments that are excluded from the recipient’s gross income.
(d) As a federal declared disaster, the COVID-19 pandemic is considered a qualified disaster for purposes of Section 139 of the Internal Revenue Code. Those payments made in the 2021–22 state fiscal year towards utility bills under the California Arrearage Payment Program (Article 12 (commencing with Section 16429.5)), which was established in the 2021 State Budget, were considered qualified disaster relief payments by the Internal Revenue Service and excluded from an individual’s gross income.
(e) Californians continue to struggle to afford the cost of energy due to the economic impacts of the ongoing COVID-19 pandemic.
(f) Benefits issued under this chapter are for past due energy utility bills accrued during the COVID-19 pandemic and the Legislature intends for them to be treated as qualified disaster relief payments that are to be excluded from individual taxable gross income pursuant to Section 139 of the Internal Revenue Code.
(Added by Stats. 2022, Ch. 61, Sec. 1. (AB 205) Effective June 30, 2022.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 2 - Special Funds › ARTICLE 13 - 2022 California Arrearage Payment Program › Section 16429.9.

16429.9. For purposes of this article, the following definitions apply:
(a) “2022 CAPP” means the 2022 California Arrearage Payment Program established in Section 16429.10.
(b) “COVID-19 pandemic bill relief period” means the period starting March 4, 2020, and ending December 31, 2021, inclusive of both start and end dates.
(c) “Department” means the Department of Community Services and Development.
(d) “Electrical cooperative” has the same meaning as defined in Section 2776 of the Public Utilities Code.
(e) “Electrical corporation” has the same meaning as defined in Section 218 of the Public Utilities Code.
(f) “Gas corporation” has the same meaning as defined in Section 222 of the Public Utilities Code.
(g) “Load-serving entity” has the same meaning as defined in Section 380 of the Public Utilities Code.
(h) “Local publicly owned electric utility” has the same meaning as defined in Section 224.3 of the Public Utilities Code.
(i) “Past due bills” means active residential customer accounts with a past due balance incurred during the COVID-19 pandemic bill relief period and includes 2022 CAPP-eligible residential customer accounts that have payment plans or payment arrangements.
(j) “Program notice” means official guidance issued by the department regarding 2022 CAPP implementation and administration.
(k) “Utility applicant” means any of the following:
(1) A local publicly owned electric utility.
(2) An electrical corporation.
(3) A gas corporation.
(4) An electrical cooperative.
(Added by Stats. 2022, Ch. 61, Sec. 1. (AB 205) Effective June 30, 2022.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 1 - General › Section 16431.

16431. (a) Notwithstanding any other provisions of this code, funds held by the state, pursuant to a written agreement between the state and employees of the state to defer a portion of the compensation otherwise receivable by the state’s employees and pursuant to a plan for that deferral as adopted by the state and approved by the Department of General Services, may be invested in the types of investments set forth in Sections 53601 and 53602 and may additionally be invested in corporate stocks, bonds, and securities, mutual funds, savings and loan accounts, credit union accounts, annuities, mortgages, deeds of trust, or other security interests in real or personal property. Nothing in this section shall be construed to permit any type of investment prohibited by the California Constitution.
(b) Deferred compensation funds are public pension or retirement funds for the purposes of Section 17 of Article XVI of the California Constitution.
(Amended by Stats. 2016, Ch. 31, Sec. 141. (SB 836) Effective June 27, 2016.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4 - Special Fund Investments › Section 16470.

16470. The Pooled Money Investment Board shall, at such times as it deems necessary, determine whether any portion of the money then on deposit in the State Treasury to the credit of any fund, exclusive of the General Fund, is not necessary for immediate use; and if so, it shall determine the amount thereof in each such fund, which amount shall thereupon be designated as “surplus money.” This article does not apply to any fund included within subdivisions (b), (c), (d), (e), and (f) of Section 16475, or the State Highway Fund, the Public Employees’ Retirement Fund, Legislators’ Retirement Fund and State Teachers’ Retirement Fund, or the Unemployment Compensation Disability Fund.
Any special fund excepted from this article may elect, by filing with the Pooled Money Investment Board a notice of election, to come under the provisions of the Surplus Money Investment Fund; which election shall be revocable by such special fund effective as of December 31st or June 30th of any year upon 30 or more days’ notice prior to either of said dates.
(Amended by Stats. 1975, Ch. 533.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4 - Special Fund Investments › Section 16471.

16471. Upon the determination and designation of surplus money in any special fund, the Controller shall transfer from that fund to the Surplus Money Investment Fund in the State Treasury, which fund is continued in existence, the amount of surplus money so determined and designated. Nothing herein shall authorize the transfer of money from any special fund to the Surplus Money Investment Fund, if the transfer will interfere with the carrying out of the purpose for which the special fund was created.
(Amended by Stats. 1990, Ch. 496, Sec. 1.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4 - Special Fund Investments › Section 16472.

16472. All moneys transferred to or deposited in the Surplus Money Investment Fund are hereby appropriated without regard to fiscal years to carry out the purposes of this article.
(Amended by Stats. 1959, Ch. 597.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4 - Special Fund Investments › Section 16473.

16473. The Pooled Money Investment Board shall, at such times as it deems necessary, determine whether any portion of the money theretofore transferred to and remaining in the Surplus Money Investment Fund from any special fund is needed by such special fund to carry out the purposes for which it was created; and if so, it shall determine the amount thereof. Thereupon, it shall reduce the amount of surplus money theretofore designated with respect to such special fund by the amount determined to be needed by such fund. Upon such reduction of the surplus money in any special fund, the State Treasurer shall, on order of the State Controller, transfer from the Surplus Money Investment Fund to such special fund an amount of money equal to that by which the surplus money of such fund was reduced.
(Amended by Stats. 1957, Ch. 1542.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4 - Special Fund Investments › Section 16473.5.

16473.5. For the purposes of this article, a written determination signed by a majority of the members of the Pooled Money Investment Board shall be deemed to be the determination of the board.
(Amended by Stats. 1963, Ch. 1545.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4 - Special Fund Investments › Section 16474.

16474. The money in the Surplus Money Investment Fund, shall be invested and reinvested by the State Treasurer as a part of the Pooled Money Investment Account.
(Amended by Stats. 1967, Ch. 505.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4 - Special Fund Investments › Section 16475.1.

16475.1. Notwithstanding any other provisions of law, the interest earned by governmental cost funds, as determined jointly by the Controller and Director of Finance, for the period January 1, 1982, through June 30, 1982, inclusive, shall be transferred to the unappropriated surplus of the General Fund. This section shall not apply to the Department of Food and Agriculture Fund or to the Acala Cotton Fund. The section shall also not apply to any governmental cost funds if the use of interest from those funds for General Fund purposes is prohibited by the California Constitution or the United States Constitution.
(Added by Stats. 1982, Ch. 207, Sec. 3. Effective May 20, 1982.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4 - Special Fund Investments › Section 16475.5.

16475.5. Notwithstanding Section 16475, at the conclusion of each calendar quarter, all interest earned and other increment derived from the investment pursuant to this article of money of the Fish and Game Preservation Fund, less the expenses incurred by the Treasurer, the Controller, and the Department of Finance under this article in connection with the investment of this money, shall be transferred to the Fish and Game Preservation Fund.
(Amended by Stats. 2003, Ch. 100, Sec. 3. Effective January 1, 2004.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4 - Special Fund Investments › Section 16476.

16476. If any provision of this article, or the application thereof to the money in any fund referred to herein, is held invalid, the remaining provisions of this article shall not be affected thereby.
(Added by Stats. 1945, Ch. 991.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.

16480. All state money held by the State Treasurer in treasury trust accounts, and all money in the State Treasury, except money in the Unemployment Compensation Disability Fund during any period when an election under Section 16470 is not in effect, is appropriated for the purpose of investment and deposit as provided in this article. In addition, nonstate money held by the Treasurer in the Local Agency Investment Fund may be included in those investments and deposits as provided in this article.
(Amended by Stats. 2002, Ch. 761, Sec. 5. Effective September 21, 2002.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.1.

16480.1. There is hereby created a Pooled Money Investment Board, which shall consist of the Controller, Treasurer and Director of Finance. The Pooled Money Investment Board shall meet at least once in every three months and shall designate at least once a month the amount of money available under this article for investment in securities authorized by Article 1 of this chapter, or in deposits in banks and savings and loan associations, or in loans to the General Fund and the type of investment or deposit.
The Pooled Money Investment Board may increase the amount of surplus money normally available for time deposits with the express purpose of placing this money in banks that are members of a California job development corporation and who have made loans to such a corporation or to corporation-approved borrowers.
For the purpose of this article, a written determination signed by a majority of the members of the Pooled Money Investment Board shall be deemed to be the determination of the board.
(Amended by Stats. 2008, Ch. 211, Sec. 8. Effective January 1, 2009.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.2.

16480.2. It is the intent of this article that money available for investment or deposit be invested in securities or deposited in banks and savings and loan associations in such a way as to realize the maximum return consistent with safe and prudent treasury management.
(Amended by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.3.

16480.3. Immediately after designations described in Section 16480.1, the Treasurer shall invest or make deposits in banks and savings and loan associations in accordance with the designations.
(Amended by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.35.

16480.35. It is the intent of the Legislature that the Pooled Money Investment Board, in administering its investment program, shall give due regard to assisting such specific programs of the state designed to support the economy of economically disadvantaged areas as the California Job Development Corporation Law.
(Added by renumbering Section 16480.3 (as added by Stats. 1968, Ch. 1474) by Stats. 1971, Ch. 438.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.4.

16480.4. (a) Amounts available for investment under this article may be invested and reinvested by the State Treasurer in any securities described in Section 16430 of this code or in loans to the General Fund as provided in Section 16310 of this code. Such securities may be sold by the State Treasurer or exchanged by him for other securities of the kind authorized to be purchased hereunder, if, in his discretion, such sale or exchange appears to be in the best interests of the state. The State Treasurer may enter into repurchase agreements or reverse repurchase agreements of any securities described in Section 16430.
(b) The State Treasurer may hire or engage the services of an investment analyst to assist in such investment decisions.
(c) For purposes of this section, the term “repurchase agreement” means a purchase of securities by the State Treasurer pursuant to an agreement by which the seller will repurchase such securities on or before a specified date and for a specified amount.
(d) For purposes of this section, the term “reverse repurchase agreement” means a sale of securities by the State Treasurer pursuant to an agreement by which the State Treasurer will repurchase such securities on or before a specified date and for a specified amount.
(Repealed and added by Stats. 1978, Ch. 605, Sec. 2.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.45.

16480.45. In addition to any other investment authorized by this article, the Treasurer may invest in Property Assessed Clean Energy (PACE) bonds, as defined in Section 26054 of the Public Resources Code.
(Amended by Stats. 2019, Ch. 396, Sec. 8. (AB 1513) Effective January 1, 2020.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.5.

16480.5. Investments pursuant to this article shall be purchased by Controller’s warrants. Such warrants shall not be drawn upon a fund but shall be drawn on all moneys in the treasury.
(Added by Stats. 1955, Ch. 1703.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.6.

16480.6. (a) At the conclusion of each calendar quarter, all interest earned and increment derived from investments in securities, time deposits and loans made pursuant to this article, interest earnings from demand accounts, and interest earnings pursuant to Section 20825 shall upon order of the Controller be distributed to the General Fund and the Surplus Money Investment Fund. The basis for distribution to the Surplus Money Investment Fund shall be the ratio that the total dollar day designated surplus balance in the Surplus Money Investment Fund bears to the total dollar day investments of the Pooled Money Investment Account.
(b) On the effective date of the amendment of this section at the 1967 Regular Session, the Controller shall exchange the securities held as investments in the Surplus Money Investment Fund for money available for investment under this article, the securities to be exchanged at their values as they appear on the accounts of the Surplus Money Investment Fund at the time of exchange. Upon order of the Controller, the Treasurer shall make the corresponding transfers of the securities.
(Amended by Stats. 2017, Ch. 50, Sec. 2. (SB 84) Effective July 10, 2017.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.7.

16480.7. Not later than 30 days after the close of each month there shall be placed on file for public inspection during business hours at the offices of the Controller, Treasurer and Director of Finance:
(a) A report by the Treasurer with respect to investments made under this article and deposits in banks and savings and loan associations showing transactions during such month and any related information the board deems should be included; and
(b) A copy of each designation made by the board under this article.
(Amended by Stats. 1976, Ch. 349.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.8.

16480.8. If any provision in this chapter, or the application thereof to the money in any fund in the Treasury, is held invalid, the remaining provisions of this chapter shall not be affected thereby.
The provisions of this article and Article 4 (commencing with Section 16470) of Chapter 3 of Part 2 of Division 4 of Title 2 of the Government Code supersede any other provision of law relating to the investment of state funds by any state agency other than the Pooled Money Investment Board except for those funds included in subdivisions (b), (c), (d), (e), and (f) of Section 16475 of this code.
(Amended by Stats. 1968, Ch. 1457.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16480.9.

16480.9. Notwithstanding the provisions of Section 16480.6, as of December 31 and June 30 each year all interest earned and increment derived from the investment pursuant to this article of money of the Fish and Game Preservation Fund shall be transferred to the Fish and Game Preservation Fund.
(Added by Stats. 1974, Ch. 1030.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16481.

16481. Notwithstanding any other provision of the law, the State Treasurer may enter into security loan agreements pursuant to the provisions of Division 8 (commencing with Section 7600) of Title 1 of the Government Code with respect to securities which he is authorized by law to invest in.
(Added by Stats. 1975, Ch. 1214.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16481.1.

16481.1. The Pooled Money Investment Board shall succeed to and is vested with all of the powers, duties, purposes, responsibilities, and jurisdiction in matters now or hereafter vested by law in the committee which fixes the rate of interest paid on registered warrants pursuant to Article 2 (commencing with Section 17220) of Chapter 2 of Part 4 of Division 4 of Title 2, or any officer or employee thereof. Whenever reference is made to the committee to fix interest paid on registered warrants, it shall be deemed to be a reference to the Pooled Money Investment Board. The board shall have possession and control of all records, books, papers, and other property, real, personal, and mixed, now or hereafter held for the benefit or use of the committee.
(Added by Stats. 1981, Ch. 604, Sec. 6.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16481.2.

16481.2. (a) The Treasurer shall annually prepare and submit to the Pooled Money Investment Board a written statement of investment policy. The Treasurer shall promptly notify the board of any material change in the statement of investment policy. The board shall consider the statement of investment policy and any changes therein at a public meeting.
(b) In addition to the report required by Section 16480.7, the Treasurer shall submit a quarterly report to the Pooled Money Investment Board within 30 days following the end of the quarter covered by the report containing the following:
(1) The type of investment, name of the issuer, date of maturity, par and dollar amount invested in each security, investment, and money within the treasury.
(2) The weighted average maturity of the investments within the treasury.
(3) Any funds, investments, or programs, including loans, that are under the management of contracted parties.
(4) The market value as of the date of the report, and the source of this valuation for any security within the treasury.
(5) A description of the compliance with the statement of investment policy.
(c) The board may, by resolution, require the treasurer to report the information required in subdivision (b) every month rather than quarterly.
(Added by Stats. 1995, Ch. 783, Sec. 1. Effective January 1, 1996.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 4.5 - Treasury Pooled Money Investments › Section 16482.

16482. (a) Subject to subdivisions (b) and (c), and notwithstanding any other provision of law, any state agency that has entered into a grant agreement for the expenditure of state bond funds where the state agency or grant recipient is, or may be, unable to comply with the terms of that agreement because of the suspension of interim funding for projects and contracts by the Pooled Money Investment Board on or after December 18, 2008, shall, with the consent of the grant recipient, have authority to do either of the following:
(1) Renegotiate, modify, or eliminate the deadlines and timetables for deliverables within the grant agreement in order to address the suspension.
(2) Terminate the grant agreement if no grant funds have yet been delivered thereunder.
(b) Nothing in this section shall modify any act under which bonds are authorized to be issued or the State General Obligation Bond Law (Chapter 4 (commencing with Section 16720) of Part 3 of Division 4 of Title 2 of the Government Code).
(c) The authority granted under this section is supplemental and in addition to any other authority provided under law. Nothing in this section, in and of itself, modifies any existing grant agreement rights and obligations.
(Added by Stats. 2009, Ch. 526, Sec. 1. (AB 1364) Effective October 11, 2009.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 5 - Interfund Purchases, Sales and Transfers of Bond Investments › Section 16485.

16485. It is the purpose of this article to authorize the establishment of procedures for the transfer of bonds between funds in the State Treasury in the following cases:
(a) When bonds held as investments by a fund in the State Treasury are to be sold by such fund to, and purchased for, another State Treasury fund; or
(b) When, under any provision of law, a specific amount of cash is required to be paid from a fund in the State Treasury holding bond investments to another State Treasury fund, and it is in the interest of the State to transfer all or part of such amount in bonds, in lieu of cash, because the amount of cash required to be transferred is not needed for the immediate use of the fund to which such amount is required to be paid.
(Added by Stats. 1951, Ch. 208.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 5 - Interfund Purchases, Sales and Transfers of Bond Investments › Section 16486.

16486. For the purposes of this article, the following definitions shall apply:
(a) “Investing authority,” with respect to any State Treasury fund, means the state agency authorized by law to purchase or sell bond investments on behalf of that fund.
(b) “Effective date” means the date on which the sale or transfer of bonds is to take effect.
(c) “Market value” means the market value of the bonds to be sold, purchased, or transferred, as that value is jointly determined by the respective investing authorities of the funds affected by the transaction, plus the accrued interest on the bonds, as of the effective date. If the respective investing authorities fail to agree, the “market value” of the bonds shall be determined by the Treasurer.
(d) “Bond” means any bond, note, or other form of indebtedness that is a legal investment for any state fund affected by the transaction.
(Amended by Stats. 1996, Ch. 320, Sec. 25. Effective January 1, 1997.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 5 - Interfund Purchases, Sales and Transfers of Bond Investments › Section 16487.

16487. The State Controller may establish procedures for the purpose of carrying out the purposes set forth in Section 16485. These procedures are exempt from the Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340), Chapter 4 (commencing with Section 11370), and Chapter 5 (commencing with Section 11500) of Part 1 of Division 3).
(Amended by Stats. 1996, Ch. 320, Sec. 26. Effective January 1, 1997.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 5 - Interfund Purchases, Sales and Transfers of Bond Investments › Section 16488.

16488. The procedures authorized to be adopted by this article are permissive only, and no provision hereof shall require any state agency to approve or perform any act which, under such procedure, is an essential step in the purchase, sale or transfer of bonds thereunder.
(Added by Stats. 1951, Ch. 208.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 5 - Interfund Purchases, Sales and Transfers of Bond Investments › Section 16489.

16489. Any procedure established under this article shall provide that the market value of the bonds shall be regarded, for the purposes thereof, as the equivalent of cash in that amount, in any purchase, sale or transfer of bonds in lieu of cash thereunder.
(Added by Stats. 1951, Ch. 208.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 5 - Interfund Purchases, Sales and Transfers of Bond Investments › Section 16490.

16490. Any procedure established under this article shall require that in connection with any purchase, sale or transfer of bonds thereunder, the State Controller, State Treasurer, Director of Finance, and each investing authority shall be furnished a copy of:
(a) Every journal entry and other accounting instrument prepared by the State Controller and the State Treasurer for the purpose of recording such transaction on their accounts;
(b) The determination of market value and effective date made by each investing authority in connection with such transaction.
(Added by Stats. 1951, Ch. 208.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 6 - Local Agency Emergency Loan Fund › Section 16492.

16492. The Legislature finds and declares that local agencies may be unable to sell short-term notes to financial institutions at the end of the 1977–78 fiscal year and the beginning of the 1978–79 fiscal year due to the lack of certainty in their ability to raise revenue to repay such short-term notes. Therefore, another source of short-term financing is necessary to ensure the orderly delivery of basic programs and services during the beginning of the fiscal year. In order to meet this need, the state, in this article, hereby establishes a Local Agency Emergency Loan Fund to serve as the lender of last resort.
(Added by Stats. 1978, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 6 - Local Agency Emergency Loan Fund › Section 16492.5.

16492.5. It is the purpose of the Local Agency Emergency Loan Fund to provide short-term loans to local agencies for operational purposes so that vital services are not interrupted.
(Added by Stats. 1978, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 6 - Local Agency Emergency Loan Fund › Section 16493.

16493. As used in this article:
(a) “Board” means the Pooled Money Investment Board.
(b) “Local agency” means a city, county, city and county, special district, school district, county board of education, or community college district which levied a property tax during the 1977–78 fiscal year or for which a property tax was levied. “Local agency” also means any city, special district, or school district formed during the 1977–78 fiscal year which was authorized to levy a property tax but did not actually levy such a tax for that year.
(Added by Stats. 1978, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 6 - Local Agency Emergency Loan Fund › Section 16493.5.

16493.5. There is hereby created in the State Treasury a Local Agency Emergency Loan Fund. Short-term loans shall be available to local agencies for the purpose of meeting operating costs at the end of the 1977–78 fiscal year and during the 1978–79 fiscal year. Such funds shall not be used for capital outlay projects.
(Added by Stats. 1978, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 6 - Local Agency Emergency Loan Fund › Section 16494.

16494. The amount of any loan shall not exceed 50 percent of the local agency’s property tax revenues for the 1977–78 fiscal year, including state property tax relief subventions. The maximum amount of a loan to a local agency which was formed during the 1977–78 fiscal year and authorized to levy a property tax, but did not do so, shall be no more than 50 percent of the amount such agency could have levied if it had levied such a tax.
(Added by Stats. 1978, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 6 - Local Agency Emergency Loan Fund › Section 16494.7.

16494.7. Notwithstanding any other provision of law, any local agency may apply to the board, by no later than August 21, 1978, for a loan pursuant to this article after the adoption by the local agency’s governing body of a resolution containing all of the following:
(a) A statement that the local agency is authorized to issue revenue or tax anticipation notes;
(b) A statement indicating the local agency’s property tax revenues for the 1977–78 fiscal year, including state property tax subvention. With respect to a local agency formed during the 1977–78 fiscal year and authorized to levy a property tax, but did not do so, a statement estimating the amount such agency could have levied if it had levied such a tax;
(c) A finding based on substantial evidence that the agency’s cash flow is not sufficient to meet current obligations for the operation of vital services and that all unrestricted reserves except for a prudent surplus have been exhausted or will be exhausted at the time the loan is made;
(d) A statement that taxes, revenues, and other income not obligated by law for a specific purpose and anticipated to be received during the 1978–79 fiscal year, will be available to repay the principal and interest on such loan before May 31, 1979;
(e) A statement that revenue and tax anticipation notes are not currently being purchased from the local agency by private lenders; and
(f) Evidence that the local agency is unable to use interfund transfers to meet its short-term cash obligations.
(Amended by Stats. 1978, Ch. 332.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 6 - Local Agency Emergency Loan Fund › Section 16495.

16495. (a) The board may approve, reduce, or deny any loan application. Such action shall be taken within 10 days of the receipt of an application. No loan shall be made by the board after August 31, 1978. The board shall establish the form and content of loan applications, and procedures for periodic disbursements of approved loans to local agencies.
(b) For the purposes of this article, each member of the board may appoint a representative to act on his behalf. The board shall have the authority to appoint sufficient staff to process loan applications received by the board.
(Added by Stats. 1978, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 3 - Investments › ARTICLE 6 - Local Agency Emergency Loan Fund › Section 16495.5.

16495.5. (a) All loans shall bear an interest rate comparable to the prevailing market interest rate statewide for tax anticipation notes purchased by major California banks, as determined by the board. The interest on such loans shall accrue until final payment.
(b) Any such loan constitutes a lien and charge against the taxes, revenues, and other income not obligated by law collected during the fiscal year in which it was borrowed. The loan shall be repaid into the General Fund from the money received by the local agency from the taxes, revenues, and income as it becomes available. At a minimum, 50 percent of the principal and interest shall be repaid by December 31, 1978, and the remaining principal and interest shall be repaid by May 31, 1979. If such loan is not repaid, the board shall request the State Controller to offset the amount not repaid against any payments required by law to be made by the state to the defaulting local agency. If the total of such payments is less than the amount owed to the state, the state may exercise its lien rights pursuant to this section.
(c) The State Controller may audit all loan recipients.
(Added by Stats. 1978, Ch. 292.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16500.

16500. As used in this chapter, “eligible bank” means a state or national bank located in this state, selected by the Treasurer for the safekeeping of money belonging to or in the custody of the state, that has received an overall rating of not less than “satisfactory” in its most recent evaluation by the appropriate federal financial supervisory agency of the bank’s record of meeting the credit needs of the state’s communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code. An eligible bank is eligible to receive deposits only to the extent that it furnishes the security required by this chapter.
(Amended by Stats. 2000, Ch. 1036, Sec. 1. Effective January 1, 2001.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16500.5.

16500.5. (a) The definitions in Section 1670 of, and Chapter 1 (commencing with Section 99) of Division 1 of, the Financial Code apply to this section.
(b) In this chapter, for purposes of being an eligible bank for the safekeeping of moneys belonging to, or in the custody of, the state, the phrases “state or national bank located in this state,” “state or national bank,” “state or national bank in this state,” and “state or national banks in the state” shall include, without limitation, any of the following:
(1) Any California branch office of a foreign (other state) state bank that the bank is authorized to maintain under the law of its domicile and federal law.
(2) Any California branch office of a foreign (other state) national bank that the bank is authorized to maintain under federal law.
(3) Any California branch office of a foreign (other nation) bank that the bank is licensed to maintain under Article 3 (commencing with Section 1800) of Chapter 20 of Division 1 of the Financial Code.
(4) Any California federal branch of a foreign (other nation) bank that the bank is authorized to maintain under federal law.
(Amended by Stats. 2018, Ch. 92, Sec. 105. (SB 1289) Effective January 1, 2019.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16501.

16501. Under the conditions as the Treasurer with the approval of the Director of Finance may establish, the Treasurer may deposit money in banks outside this state when the banks are fiscal agents of the state or custodians of securities owned by the state, if the banks have an overall rating of not less than “satisfactory” in their most recent evaluation by the appropriate federal financial supervisory agency of the banks’ record of meeting the credit needs of the communities in which the bank is located, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code.
(Amended by Stats. 2000, Ch. 1036, Sec. 2. Effective January 1, 2001.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16502.

16502. All other money in the State Treasury or under the control of the Treasurer belonging to or in the custody of the State, shall, so far as possible, be deposited by the Treasurer to the credit of the State in eligible banks. Any sum in the State Treasury so deposited is deemed to be in the State Treasury. Any other amount so deposited is deemed to be held in trust by the Treasurer.
(Amended by Stats. 1957, Ch. 1542.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16503.

16503. Subject to the limitations of Article 4.5 (commencing with Section 16480) of Chapter 3, the Treasurer shall determine what amounts of money shall be deposited:
(a) As time deposits, and the rates of interest to be received.
(b) As demand deposits, and the rates of interest to be received, if any.
(Amended by Stats. 1983, Ch. 142, Sec. 48.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16504.

16504. Subject to the applicable contract, the Treasurer may call in money from time deposits and place it in demand deposits, when necessary to meet current requirements; and time money in his possession for which there is no demand may be placed as demand deposits.
(Amended by Stats. 1961, Ch. 69.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16505.

16505. Deposits in any bank shall not exceed the total of its net worth.
(Amended by Stats. 1992, Ch. 509, Sec. 6. Effective January 1, 1993.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16506.

16506. All money belonging to or in the custody of the state under the control of any state officer or employee, other than the Treasurer, except petty cash funds authorized by the Department of Finance, shall be deposited in such state or national banks in this state and under such conditions as the Director of Finance prescribes. Banks receiving such deposits shall be required to deposit with the Treasurer the same security as is required by this chapter for deposits made by the Treasurer.
Banks receiving deposits of money from a county advanced or apportioned to it pursuant to Section 4481 of the Food and Agricultural Code shall be required to secure such deposits in accordance with Article 2 (commencing with Section 53630) of Chapter 4, Part 1, Division 2 of Title 5.
(Amended by Stats. 1974, Ch. 1221.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16507.

16507. A State officer is not liable on his official bond for losses caused by the failure of a bank in which is made a deposit of money belonging to an inmate of a State institution, if the officer was required or permitted by law to act as a trustee or fiduciary with respect to the money and if he made the deposit in good faith and in accordance with law.
(Added by Stats. 1945, Ch. 120.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16508.

16508. The Treasurer is not responsible for any money deposited in a bank pursuant to this chapter, and while it remains so deposited.
(Amended by Stats. 1957, Ch. 1542.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16509.

16509. The Treasurer is responsible for the safekeeping, management and disbursement of the certificates of deposit received and the securities deposited with him, the interest received on deposits, and the proceeds of any sale under this chapter. The State is responsible for the custody and safe return of any securities so deposited.
(Added by Stats. 1945, Ch. 120.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 1 - General › Section 16510.

16510. Any State officer or employee who deposits any money belonging to or in the custody of the State in any manner other than as prescribed in this chapter is subject to forfeiture of his office or employment.
(Added by Stats. 1945, Ch. 120.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16520.

16520. Security shall not be required for that portion of any deposit that is insured under any law of the United States.
(Added by Stats. 1945, Ch. 120.)
2023 California Code › Government Code - GOV › TITLE 2 - GOVERNMENT OF THE STATE OF CALIFORNIA › DIVISION 4 - FISCAL AFFAIRS › PART 2 - STATE FUNDS › CHAPTER 4 - Bank Deposits › ARTICLE 2 - Security for Deposits › Section 16521.

16521. To be eligible to receive and retain demand or time deposits, a bank shall deposit with the Treasurer as security for such deposits, securities specified in Section 16522, and approved by the Treasurer, in an amount in value at least 10 percent in excess of the amount deposited with the bank. Uncollected funds shall be excluded from the amount deposited in a demand account with a bank when determining the security requirements for such deposits.
(Amended by Stats. 1978, Ch. 1016.)