SB 1407 Summary

• Expands investment authority for the State Compensation Insurance Fund's board of directors to invest excess moneys in the same manner as private insurance carriers under specific Insurance Code articles

• Authorizes the State Compensation Insurance Fund to purchase general obligation bonds, notes, and warrants issued by the state in any amount and enter into purchase contracts with the state

• Allows the State Compensation Insurance Fund to purchase Property Assessed Clean Energy (PACE) bonds as defined in the Public Resources Code

• Specifies that bonds and debt obligations purchased by the fund shall be valid and binding obligations of the issuer and not be deemed owned by the issuer upon delivery

• Contains conditional operative language requiring coordination with Assembly Bill 1873, becoming effective only if both bills are enacted before January 1, 2011, with SB 1407 enacted last