Section 3919.3 Of Chapter 1. General Provisions From California Harbors And Navigation Code >> Division 6. >> Part 4. >> Chapter 1.
3919.3
. The authority is authorized with the approval of the
Department of Finance, to invest any surplus moneys in the Fifth San
Francisco Seawall Fund in bonds or other obligations of the United
States, or of the several counties, municipalities, school districts,
or other public agencies of the State of California, and to sell
such bonds or obligations, or any of them, at the governing market
rates, upon approval of the Department of Finance; or the authority
may, with the approval of the Director of Finance, invest money in
such fund, in interest-bearing certificates of deposit of state banks
having a paid-up capital of five hundred thousand dollars ($500,000)
or more; provided, the total amount of money so deposited with any
one bank shall not exceed a sum equal to 50 percent of the paid-up
capital of such bank; provided, however, nothing herein contained
shall inhibit the depositing in banks in accordance with Chapter 4
(commencing at Section 16500), Part 2, Division 4, Title 2 of the
Government Code, of money of any of the funds subject to the control
of the authority or appropriated for their use.
Interest accruing upon the deposit of money of the fund shall be
paid into and credited to the San Francisco Harbor Improvement Fund.