California SB1438 amends investment and deposit rules for local government funds.

California SB1438 amends various sections of the Government Code to revise investment and deposit rules for local government funds. It allows local agencies to invest in different types of securities and obligations, including those designated by Section 53603 of the Government Code. The bill also permits local agencies to make secured or unsecured loans, purchase or sell securities, and invest in repurchase agreements or securities lending agreements. Additionally, it authorizes local agencies to invest in funds held by a selected depository institution, subject to certain conditions.

California SB1438 amends investment and deposit rules for local government funds.

California SB1438 amends various sections of the Government Code to revise investment and deposit rules for local government funds. It allows local agencies to invest in different types of securities and obligations, including those designated by Section 53603 of the Government Code. The bill also permits local agencies to make secured or unsecured loans, purchase or sell securities, and invest in repurchase agreements or securities lending agreements. Additionally, it authorizes local agencies to invest in funds held by a selected depository institution, subject to certain conditions.