AB 279 - An Act to Amend, Repeal, and Add Sections 53601.8 and 53635.8 of the Government Code, Relating to Local Government.

Financial affairs. 2013-2014 Legislature. View bill details
Author(s):
Summary:
Existing law prescribes the instruments in, and criteria by which, a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law authorizes a local agency to invest in certificates of deposit provided that they do not exceed 30% of the agency’s funds that may be invested for this purpose, as specified.

This bill would, until January 1, 2017,… More
Existing law prescribes the instruments in, and criteria by which, a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law authorizes a local agency to invest in certificates of deposit provided that they do not exceed 30% of the agency’s funds that may be invested for this purpose, as specified.

This bill would, until January 1, 2017, remove the term “certificates of deposit” and instead authorize a local agency to invest in deposits, as specified, and limit the amount of its funds that an agency may place with any one private sector entity that assists in the placement of deposits with one or more commercial banks, savings banks, savings and loan associations, or credit unions that are located in the United States. The bill would prescribe requirements for the financial institutions that a private sector entity is authorized to use. Hide
 
Status:
The bill has become law (chaptered). 
Assembly Vote: On Passage

PASSED on August 19, 2013.

voted YES: 77 voted NO: 0
1 voted present/not voting

An Act to Amend, Repeal, and Add Sections 53601.8 and 53635.8 of the Government Code, Relating to Local Government.

AB 279 — 2013-2014 Legislature

Summary
Existing law prescribes the instruments in, and criteria by which, a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law authorizes a local agency to invest in certificates of deposit provided that they do not exceed 30% of the agency’s funds that may be invested for this purpose, as specified.

This bill would, until January 1, 2017, remove the term “certificates of deposit” and instead authorize a local agency to invest in deposits, as specified, and limit the amount of its funds that an agency may place with any one private sector entity that assists in the placement of deposits with one or more commercial banks, savings banks, savings and loan associations, or credit unions that are located in the United States. The bill would prescribe requirements for the financial institutions that a private sector entity is authorized to use.
Learn More
At LegInfo.ca.gov
Title
An Act to Amend, Repeal, and Add Sections 53601.8 and 53635.8 of the Government Code, Relating to Local Government.
Author(s)
Roger Dickinson
Co-Authors
    Subjects
    • Financial affairs
    Major Actions
    Introduced2/11/2013
    Referred to Committee
    Passed Assembly Committee on Local Government4/03/2013
    Passed Assembly Committee on Banking and Finance4/08/2013
    Passed Assembly4/15/2013
    Passed Senate Committee on Governance and Finance6/05/2013
    Passed Senate Committee on Banking, Finance and Insurance6/19/2013
    Passed Senate7/08/2013
    Passed Assembly8/19/2013
    Presented to the governor (enrolled)8/26/2013
    Became law (chaptered).9/06/2013
    Bill History
    Chamber/CommitteeMotionDateResult
    select this voteAssembly Committee on Local GovernmentDo pass and be re-referred to the Committee on Banking and Finance.4/03/2013This motion PASSED the Assembly Committee on Local Government
    9 voted YES 0 voted NO 0 voted present/not voting
    select this voteAssembly Committee on Banking and FinanceDo pass, to Consent Calendar.4/08/2013This motion PASSED the Assembly Committee on Banking and Finance
    12 voted YES 0 voted NO 0 voted present/not voting
    select this voteAssemblyAB 279 DICKINSON Consent Calendar Second Day4/15/2013This bill PASSED the Assembly
    77 voted YES 0 voted NO 2 voted present/not voting
    select this voteSenate Committee on Governance and FinanceDo pass as amended, and re-refer to the Committee on Banking and Financial Institution.6/05/2013This motion PASSED the Senate Committee on Governance and Finance
    7 voted YES 0 voted NO 0 voted present/not voting
    select this voteSenate Committee on Banking, Finance and InsuranceDo pass as amended.6/19/2013This motion PASSED the Senate Committee on Banking, Finance and Insurance
    9 voted YES 0 voted NO 0 voted present/not voting
    select this voteSenateAssembly 3rd Reading AB279 Dickinson By Correa7/08/2013This bill PASSED the Senate
    33 voted YES 0 voted NO 5 voted present/not voting
    currently selectedAssemblyAB 279 DICKINSON Concurrence in Senate Amendments8/19/2013This bill PASSED the Assembly
    77 voted YES 0 voted NO 1 voted present/not voting
    ActionDateDescription
    Introduced2/11/2013
    2/11/2013Read first time. To print.
    2/12/2013From printer. May be heard in committee March 14.
    2/21/2013Referred to Com. on L. GOV.
    3/21/2013From committee chair, with author's amendments: Amend, and re-refer to Com. on L. GOV. Read second time and amended.
    4/01/2013Re-referred to Com. on L. GOV.
    select this voteVote4/03/2013Do pass and be re-referred to the Committee on Banking and Finance.
    4/04/2013From committee: Do pass and re-refer to Com. on B. & F. (Ayes 9. Noes 0.) (April 3). Re-referred to Com. on B. & F.
    select this voteVote4/08/2013Do pass, to Consent Calendar.
    4/09/2013From committee: Do pass. To consent calendar. (Ayes 12. Noes 0.) (April 8).
    4/10/2013Read second time. Ordered to consent calendar.
    4/15/2013Read third time. Passed. Ordered to the Senate.
    4/15/2013In Senate. Read first time. To Com. on RLS. for assignment.
    select this voteAssembly Vote on Passage4/15/2013AB 279 DICKINSON Consent Calendar Second Day
    4/25/2013Referred to Coms. on GOV. & F. and B. & F.I.
    5/08/2013In committee: Set, first hearing. Hearing canceled at the request of author.
    5/29/2013From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on GOV. & F.
    select this voteVote6/05/2013Do pass as amended, and re-refer to the Committee on Banking and Financial Institution.
    6/10/2013From committee: Do pass as amended and re-refer to Com. on B. & F.I. (Ayes 7. Noes 0.) (June 5).
    6/11/2013Read second time and amended. Re-referred to Com. on B. & F.I.
    select this voteVote6/19/2013Do pass as amended.
    6/25/2013From committee: Do pass as amended. (Ayes 9. Noes 0.) (June 19).
    6/26/2013Read second time and amended. Ordered to third reading.
    7/08/2013Read third time. Passed. Ordered to the Assembly. (Ayes 33. Noes 0.).
    select this voteSenate Vote on Passage7/08/2013Assembly 3rd Reading AB279 Dickinson By Correa
    8/05/2013In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 7 pursuant to Assembly Rule 77.
    8/19/2013Senate amendments concurred in. To Engrossing and Enrolling.
    currently selectedAssembly Vote on Passage8/19/2013AB 279 DICKINSON Concurrence in Senate Amendments
    8/26/2013Enrolled and presented to the Governor at 4:15 p.m.
    9/06/2013Approved by the Governor.
    9/06/2013Chaptered by Secretary of State - Chapter 228, Statutes of 2013.

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    0 Organizations Support and 0 Oppose

    Organizations that took a position on
    An Act to Amend, Repeal, and Add Sections 53601.8 and 53635.8 of the Government Code, Relating to Local Government.: AB 279 DICKINSON Concurrence in Senate Amendments

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    0 organizations oppose this bill

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    Includes reported contributions to campaigns of Assemblymembers in office on day of vote, from interest groups invested in the vote according to MapLight, January 1, 2011 – December 31, 2012.
    Contributions data source: FollowTheMoney.org

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    NamePartyDistrict$ From Interest Groups
    That Support
    $ From Interest Groups
    That Oppose
    Vote
    Katcho AchadjianRCA-35$0$0Yes
    Luis AlejoDCA-30$0$0Yes
    Travis AllenRCA-72$0$0Yes
    Tom AmmianoDCA-17$0$0Yes
    Toni AtkinsDCA-78$0$0Yes
    Frank BigelowRCA-5$0$0Yes
    Richard BloomDCA-50$0$0Yes
    Raul BocanegraDCA-39$0$0Yes
    Susan BonillaDCA-14$0$0Yes
    Rob BontaDCA-18$0$0Yes
    Steven BradfordDCA-62$0$0Yes
    Cheryl BrownDCA-47$0$0Yes
    Joan BuchananDCA-16$0$0Yes
    Ian CalderonDCA-57$0$0Yes
    Nora CamposDCA-27$0$0Yes
    Ed ChauDCA-49$0$0Yes
    Rocky ChavezRCA-76$0$0Yes
    Wesley ChesbroDCA-2$0$0Yes
    Connie ConwayRCA-26$0$0Yes
    Ken CooleyDCA-8$0$0Yes
    Brian DahleRCA-1$0$0Yes
    Tom DalyDCA-69$0$0Yes
    Roger DickinsonDCA-7$0$0Yes
    Tim DonnellyRCA-33$0$0Yes
    Susan EggmanDCA-13$0$0Yes
    Paul FongDCA-28$0$0Yes
    Steve FoxDCA-36$0$0Yes
    Jim FrazierDCA-11$0$0Yes
    Beth GainesRCA-6$0$0Yes
    Cristina GarciaDCA-58$0$0Yes
    Mike GattoDCA-43$0$0Yes
    Jimmy GomezDCA-51$0$0Yes
    Lorena GonzalezDCA-80$0$0Yes
    Rich GordonDCA-24$0$0Yes
    Jeff GorellRCA-44$0$0Yes
    Adam GrayDCA-21$0$0Yes
    Shannon GroveRCA-34$0$0Yes
    Curt HagmanRCA-55$0$0Yes
    Isadore HallDCA-64$0$0Yes
    Diane HarkeyRCA-73$0$0Yes
    Roger HernandezDCA-48$0$0Yes
    Chris HoldenDCA-41$0$0Yes
    Brian JonesRCA-71$0$0Yes
    Reggie Jones-SawyerDCA-59$0$0Yes
    Marc LevineDCA-10$0$0Yes
    Eric LinderRCA-60$0$0Yes
    Dan LogueRCA-3$0$0Yes
    Bonnie LowenthalDCA-70$0$0Yes
    Brian MaienscheinRCA-77$0$0Yes
    Allan MansoorRCA-74$0$0Yes
    Jose MedinaDCA-61$0$0Yes
    Melissa MelendezRCA-67$0$0Yes
    Holly MitchellDCA-54$0$0Yes
    Mike MorrellRCA-40$0$0Yes
    Kevin MullinDCA-22$0$0Yes
    Al MuratsuchiDCA-66$0$0Yes
    Adrin NazarianDCA-46$0$0Yes
    Brian NestandeRCA-42$0$0Yes
    Kristin OlsenRCA-12$0$0Yes
    Richard PanDCA-9$0$0Yes
    Jim PattersonRCA-23$0$0Yes
    Henry PereaDCA-31$0$0Yes
    John PerezDCA-53$0$0Yes
    Manuel PerezDCA-56$0$0Not Voting
    Bill QuirkDCA-20$0$0Yes
    Sharon Quirk-SilvaDCA-65$0$0Yes
    Anthony RendonDCA-63$0$0Yes
    Rudy SalasDCA-32$0$0Yes
    Nancy SkinnerDCA-15$0$0Yes
    Mark StoneDCA-29$0$0Yes
    Phil TingDCA-19$0$0Yes
    Don WagnerRCA-68$0$0Yes
    Marie WaldronRCA-75$0$0Yes
    Shirley WeberDCA-79$0$0Yes
    Bob WieckowskiDCA-25$0$0Yes
    Scott WilkRCA-38$0$0Yes
    Das WilliamsDCA-37$0$0Yes
    Mariko YamadaDCA-4$0$0Yes

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