Section 53609 Of Article 1. Investment Of Surplus From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 4. >> Article 1.
53609
. Notwithstanding the provisions of this chapter or any other
provisions of this code, funds held by a local agency pursuant to a
written agreement between the agency and employees of the agency to
defer a portion of the compensation otherwise receivable by the
agency's employees and pursuant to a plan for such deferral as
adopted by the governing body of the agency, may be invested in the
types of investments set forth in Sections 53601 and 53602 of this
code, and may additionally be invested in corporate stocks, bonds,
and securities, mutual funds, savings and loan accounts, credit union
accounts, life insurance policies, annuities, mortgages, deeds of
trust, or other security interests in real or personal property.
Nothing herein shall be construed to permit any type of investment
prohibited by the Constitution.
Deferred compensation funds are public pension or retirement funds
for the purposes of Section 17 of Article XVI of the Constitution.