Section 53635 Of Article 2. Deposit Of Funds From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 4. >> Article 2.
53635
. (a) This section shall apply to a local agency that is a
county, a city and county, or other local agency that pools money in
deposits or investments with other local agencies, including local
agencies that have the same governing body. However, Section 53601
shall apply to all local agencies that pool money in deposits or
investments exclusively with local agencies that have the same
governing body.
This section shall be interpreted in a manner that recognizes the
distinct characteristics of investment pools and the distinct
administrative burdens on managing and investing funds on a pooled
basis pursuant to Article 6 (commencing with Section 27130) of
Chapter 5 of Division 2 of Title 3.
A local agency that is a county, a city and county, or other local
agency that pools money in deposits or investments with other
agencies may invest in commercial paper pursuant to subdivision (h)
of Section 53601, except that the local agency shall be subject to
the following concentration limits:
(1) No more than 40 percent of the local agency's money may be
invested in eligible commercial paper.
(2) No more than 10 percent of the total assets of the investments
held by a local agency may be invested in any one issuer's
commercial paper.
(b) Notwithstanding Section 53601, the City of Los Angeles shall
be subject to the concentration limits of this section for counties
and for cities and counties with regard to the investment of money in
eligible commercial paper.