Bill Text: CA AB1853 | 2023-2024 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: San Joaquin Regional Transit District: meetings: surplus money investments.

Spectrum: Bipartisan Bill

Status: (Passed) 2024-09-12 - Chaptered by Secretary of State - Chapter 216, Statutes of 2024. [AB1853 Detail]

Download: California-2023-AB1853-Amended.html

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Amended  IN  Assembly  March 11, 2024

CALIFORNIA LEGISLATURE— 2023–2024 REGULAR SESSION

Assembly Bill

No. 1853

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Introduced by Assembly Member Villapudua

January 17, 2024

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An act to amend Sections 50087 and 50205 of the Public Utilities Code, relating to transportation.

LEGISLATIVE COUNSEL'S DIGEST

AB 1853, as amended, Villapudua. San Joaquin Regional Transit District: meetings: surplus money investments.

The San Joaquin Regional Transit District Act authorizes the creation of the San Joaquin Regional Transit District, and if created, specifies the district’s powers and responsibilities. The act requires the district to be governed by a board of directors, requires the board to adopt rules for its proceedings, and authorizes the board to provide, by ordinance or resolution, that each board member receive $50 for each board meeting attended, not to exceed $100 in a calendar month.

This bill instead would authorize the board to provide, by ordinance or resolution, that each board member receive $100 for each board meeting and committee meeting attended, not to exceed $500 in a calendar month.

The act authorizes the district to invest surplus money in its treasury, including money in a sinking fund, in certain investments, including its own bonds and treasury notes or bonds of the state.

This bill would authorize the district to also invest surplus money, including money in a sinking fund, in any investment or deposit that a city, county, or local public agency may place funds pursuant to state law.

Digest Key

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 Section 50087 of the Public Utilities Code is amended to read:

50087.

 The board shall adopt rules for its proceedings and may provide, by ordinance or resolution, that each member shall receive for each attendance at the meetings of the board and committees the sum of one hundred dollars ($100), but not to exceed five hundred dollars ($500) in a calendar month, and shall be allowed such necessary traveling and personal expenses incurred in the performance of duties authorized by the board.

SEC. 2.

 Section 50205 of the Public Utilities Code is amended to read:

50205.

 The district may invest surplus money in its treasury, including money in a sinking fund, in any of the following:

(a) Its own bonds.

(b) Treasury notes, certificates of indebtedness, bills, bonds of the United States, or any other evidence of indebtedness secured by the full faith and credit of the United States.

(c) Obligations issued pursuant to the Federal Home Loan Bank Act or the National Housing Act.

(d) Treasury notes or bonds of the state, or of any public corporation, municipal corporation, public district, or political subdivision within the state that are legal as security for the deposit of public funds.

(e) In any investment or deposit that a city, county, or local public agency may place funds pursuant to the laws of the state. The district’s investment of any surplus money in its treasury, including money in a sinking fund, shall be in accordance with Article 1 (commencing with Section 53600) of Chapter 4 of Part 1 of Division 2 of Title 5 of the Government Code.