SB 595
Local government: investments and financial reports.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill modifies California local government investment policies. It increases the maximum maturity period for investments in ‘prime’ quality commercial paper from 270 days to 397 days. It also adjusts investment limits for local agencies based on their asset management size, with a phased-in reduction of allowable commercial paper investments. Finally, the bill removes an exception allowing zero-interest accrual on certain securities and repeals the provisions regarding forfeiture for failure to file financial reports, extending the deadline to 10 months after the fiscal year end.
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