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<ns0:Id>20250AB__208099INT</ns0:Id>
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<ns0:ActionText>INTRODUCED</ns0:ActionText>
<ns0:ActionDate>2026-02-18</ns0:ActionDate>
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<ns0:SessionYear>2025</ns0:SessionYear>
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<ns0:AuthorText authorType="LEAD_AUTHOR">Introduced by Assembly Member Johnson</ns0:AuthorText>
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<ns0:House>ASSEMBLY</ns0:House>
<ns0:Name>Johnson</ns0:Name>
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<ns0:Title> An act to amend Sections 27000.1 and 53607 of the Government Code, relating to local government.</ns0:Title>
<ns0:RelatingClause>local government</ns0:RelatingClause>
<ns0:GeneralSubject>
<ns0:Subject>Investment of funds: delegation to county treasurer.</ns0:Subject>
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<html:p>Existing law generally authorizes local agencies to invest or reinvest public funds and prescribes rules for that investing or reinvesting. Existing law authorizes a legislative body of a local agency to delegate this authority for a one-year period to the treasurer of the local agency, as specified, and after a delegation, requires the treasurer to make a monthly report of those transactions to the legislative body. Existing law authorizes a county board of supervisors to delegate this authority to the county treasurer, as specified, and, after a delegation, requires the treasurer to assume this responsibility until the board to either revokes this delegation by ordinance or decides not to renew the one-year period described above.</html:p>
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This bill would remove the one-year limitation on delegations by county boards of supervisors. The bill would
instead require the county treasurer to assume this responsibility after a delegation until the board revokes its delegation either by ordinance, or for cause and by
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vote. The bill would specify that, after a delegation, the treasurer is required to make a monthly report of these transactions to the legislative body.
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<ns0:VoteRequired>MAJORITY</ns0:VoteRequired>
<ns0:Appropriation>NO</ns0:Appropriation>
<ns0:FiscalCommittee>NO</ns0:FiscalCommittee>
<ns0:LocalProgram>NO</ns0:LocalProgram>
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<ns0:ImmediateEffect>NO</ns0:ImmediateEffect>
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<ns0:Preamble>The people of the State of California do enact as follows:</ns0:Preamble>
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<ns0:Num>SECTION 1.</ns0:Num>
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Section 27000.1 of the
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is amended to read:
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<ns0:Num>27000.1.</ns0:Num>
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Notwithstanding Section 53607, the board of supervisors may, by ordinance, delegate to the county treasurer the authority to invest or reinvest the funds of the county and the funds of other depositors in the county treasury, pursuant to Chapter 4 (commencing with Section 53600) of Part 1 of Division 2 of Title 5. The county treasurer shall thereafter assume full responsibility for those transactions until the board of supervisors revokes its delegation of
authority either by ordinance, or for cause and by
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vote, and shall make a monthly report of those transactions to the legislative body. This section shall not limit the county treasurer’s authority pursuant to Section 53635 or 53684.
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<ns0:Num>SEC. 2.</ns0:Num>
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Section 53607 of the
<ns0:DocName>Government Code</ns0:DocName>
is amended to read:
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<ns0:Num>53607.</ns0:Num>
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<html:p>Except as provided in Section 27000.1, the authority of the legislative body to invest or to reinvest funds of a local agency, or to sell or exchange securities so purchased, may be delegated for a one-year period by the legislative body to the treasurer of the local agency, who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked or expires, and shall make a monthly report of those transactions to the legislative body. Subject to review, the legislative body may renew the delegation of authority pursuant to this section each year.</html:p>
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