CA AB1493

Establishes the Voluntary Investment Program Fund within the State Treasury to receive voluntary deposits from local entities (cities, counties, school districts, and special districts) for short-term state cash needs

Sets minimum deposit requirement of $200 million per participating local entity with a maximum total fund cap of $10 billion, or a lesser amount as determined by the Director of Finance

Authorizes the state to borrow from the fund when General Fund cash is insufficient, with repayment treated as a priority equivalent to other state loan repayments

Provides depositing entities with interest earnings calculated as a base rate from the Pooled Money Investment Account plus an enhancement amount determined by the Director of Finance

Appropriates $1,000 from the General Fund to the Department of Finance for administration and provides immediate implementation as a budget-related bill