Section 53649 Of Article 2. Deposit Of Funds From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 4. >> Article 2.
53649
. The treasurer is responsible for the safekeeping of money in
his or her custody and shall enter into any contract with a
depository relating to any deposit which in his or her judgment is to
the public advantage. The depository, and the agent of depository to
the extent the agent of depository has been notified of deposits and
the amount thereof, are responsible for securing moneys deposited
pursuant to such a contract in accordance with Section 53652. One
copy of each contract shall be filed with the auditor, controller,
secretary, or corresponding officer of the local agency. The contract
shall:
(a) Fix the duration of deposits, if appropriate.
(b) Fix the interest rate, if any.
(c) Provide conditions for withdrawal and repayment.
(d) Provide for placement of pooled securities in a named agent of
depository in accordance with Section 53656.
(e) Grant authority for agent of depository to place securities
for safekeeping in accordance with Section 53659.
(f) Set forth in accordance with Section 53665 the conditions upon
which the administrator shall order pooled securities converted into
money for the benefit of the local agency, and the procedure
therefor.
(g) Provide for compliance in all respects with the provisions of
this article and other applicable provisions of law.
(h) Provide, upon notice to the treasurer from the administrator,
that a treasurer may withdraw deposits in the event a depository
fails to pay the assessments, fines, or penalties assessed by the
administrator or may withdraw authorization for the placement of
pooled securities in an agent of depository in the event that the
agent of depository fails to pay the fines or penalties assessed by
the administrator.