CA AB2332

Amends Government Code Section 16430 to modify eligible securities for state surplus money investments managed by the Pooled Money Investment Board.

Requires bonds, notes, or obligations of California local governments (counties, cities, water districts, school districts, etc.) to be within the top three ratings of a nationally recognized statistical rating organization.

Makes technical and clarifying changes to the list of eligible investment securities, including federal agencies, foreign government obligations rated investment grade, commercial paper, negotiable certificates of deposit, and corporate bonds.

Specifies restrictions on foreign sovereign debt investments, limiting combined par value to 1 percent of total Pooled Money Investment Account assets and requiring US dollar denomination with maximum five-year maturity.

Approved by Governor on July 19, 2022, and filed with Secretary of State the same date.