California AB1480 mandates oversight and qualifications for the Orange County Investment Fund following a transfer of authority.

AB1480 requires the County Executive Office of Orange County to prepare an annual statement of assets in the Orange County Investment Fund, to be made public and submitted to investors and the Legislature. It mandates that local officials managing the fund meet the same qualifications as the Treasurer-Tax Collector. The bill also requires members of the Audit Oversight Committee to meet the same qualifications as the prior Treasury Fund. The legislation responds to concerns about the history of mismanagement and risky investments in Orange County, aiming to protect public funds.

California AB1480 mandates oversight and qualifications for the Orange County Investment Fund following a transfer of authority.

AB1480 requires the County Executive Office of Orange County to prepare an annual statement of assets in the Orange County Investment Fund, to be made public and submitted to investors and the Legislature. It mandates that local officials managing the fund meet the same qualifications as the Treasurer-Tax Collector. The bill also requires members of the Audit Oversight Committee to meet the same qualifications as the prior Treasury Fund. The legislation responds to concerns about the history of mismanagement and risky investments in Orange County, aiming to protect public funds.