20250AB__208097AMD INTRODUCED 2026-02-18 AMENDED_ASSEMBLY 2026-03-16 AMENDED_SENATE 2026-06-10 2025 AB AMD Introduced by Assembly Member Johnson LEAD_AUTHOR ASSEMBLY Johnson

An act to amend Sections 27000.1 and of the Government Code, relating to local government. local government Investment of funds: delegation to county treasurer. Existing law generally authorizes local agencies to invest or reinvest public funds and prescribes rules for that investing or reinvesting. Existing law authorizes a legislative body of a local agency to delegate this authority for a one-year period to the treasurer of the local agency, as specified, and after a delegation, requires the treasurer to make a monthly report of those transactions to the legislative body.

Existing law authorizes a county board of supervisors, by ordinance, to delegate this authority to the county treasurer, as specified, and, after a delegation, requires the treasurer to assume this responsibility until the board to either revokes this delegation by ordinance or decides not to renew the one-year period described above. This bill would remove the requirement that a delegation by a county board of supervisors be made by ordinance. The bill would remove the one-year limitation on those delegations, and would remove the requirement that revocation of those delegations be made by ordinance.

The bill would condition a delegation on the county investment policy requiring the county treasurer to make monthly and quarterly reports, as specified. MAJORITY NO NO NO NO NO NO NO NO NO NO The people of the State of California do enact as follows:

SECTION

Section 27000.1 of the Government Code is amended to read: 27000.1. (

a) Notwithstanding

Section 53607, the board of supervisors may delegate to the county treasurer the authority to invest or reinvest the funds of the county and the funds of other depositors in the county treasury, pursuant to

Chapter 4 (commencing with

Section 53600) of Part of Division of Title if the county investment policy requires the county treasurer to do both the following:

(1) Make a monthly report of transactions to the legislative body.

(2) Make a quarterly report as provided in subdivision (

b) of

Section 53646. (

b) The county treasurer shall thereafter assume full responsibility for those transactions until the board of supervisors revokes its delegation of authority. (c)<xhtml:span class="EnSpace"/>After a delegation pursuant to subdivision (a), in the county investment policy, the board of supervisors shall set monthly or quarterly reporting requirements for the county treasurer.</xhtml:p><xhtml:p>(d)</xhtml:p>"?> (

c) This

section shall not limit the county treasurer’s authority pursuant to

Section or 53684.

SEC. 2.

Section of the Government Code is amended to read: 53607. Except as provided in

Section 27000.1, the authority of the legislative body to invest or to reinvest funds of a local agency, or to sell or exchange securities so purchased, may be delegated for a one-year period by the legislative body to the treasurer of the local agency, who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked or expires, and shall make a monthly report of those transactions to the legislative body. Subject to review, the legislative body may renew the delegation of authority pursuant to this

section each year.