Section 3003 Of Article 1. Disability Fund From California Unemployment Insurance Code >> Division 1. >> Part 2. >> Chapter 5. >> Article 1.
3003
. (a) Except as provided in subdivision (c), all surplus money
in the Disability Fund may be invested solely in securities set forth
in subdivision (b) of this section, and all interest or earnings
therefrom shall be deposited in the Disability Fund.
(b) Eligible securities for the investment of surplus money shall
be:
(1) Bonds or interest-bearing notes or obligations of the United
States, or those for which the faith and credit of the United States
are pledged for the payment of principal and interest.
(2) Bonds of this state, or those for which the faith and credit
of this state are pledged for the payment of principal and interest.
(3) Bonds of any county, city, metropolitan water district,
municipal utility district, or school district of this state.
(4) Bonds, consolidated bonds, collateral trust debentures,
consolidated debentures, or other obligations issued by federal land
banks or federal intermediate credit banks established under the
Federal Farm Loan Act.
(5) Debentures and consolidated debentures issued by the Central
Bank for Cooperatives and banks for cooperatives established under
the Farm Credit Act of 1933.
(6) Bonds or debentures of the Federal Home Loan Bank Board
established under the Federal Home Loan Bank Act.
(7) Bonds of any federal home loan bank established under the
Federal Home Loan Bank Act.
(8) Stock, bonds, debentures and other obligations of the Federal
National Mortgage Association established under the National Housing
Act.
(9) Bonds, notes, and other obligations issued by the Tennessee
Valley Authority under the Tennessee Valley Authority Act.
(c) This section shall not apply during the period of any election
under Section 16470 of the Government Code for investment of surplus
money in the Disability Fund under the provisions of the Surplus
Money Investment Fund.