California SB595 amends investment rules for local government agencies.
California SB595 amends the Government Code to revise investment rules for local government agencies. It specifies permissible investments, including Treasury notes, municipal bonds, and commercial paper, with certain restrictions on maturity and ratings. The bill prohibits investments in inverse floaters and securities that could result in zero-interest accrual. It also details requirements for repurchase agreements, securities lending agreements, and investments in shares of beneficial interest.
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