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CA AB2480
Bill
Status
2/19/2020
Primary Sponsor
Monique Limon
Click for details
AI Summary
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Expands eligible securities for Treasurer investment of surplus state funds to include loans issued by the California Infrastructure and Economic Development Bank for local agency infrastructure projects.
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Adds loans from the California Infrastructure and Economic Development Bank as a new eligible investment category (subdivision o) under Section 16430 of the Government Code.
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Requires the Treasurer to target an investment of 1% of the average daily balance of the Pooled Money Investment Account in these California Infrastructure and Economic Development Bank loans by January 1, 2022.
Legislative Description
State funds: investment: California Infrastructure and Economic Development Bank loans.
Last Action
Referred to Coms. on J., E.D., & E. and B. & F.
3/12/2020