California 2017-2018 Regular Session Status: In Committee

AB 3253 — Local government: financial affairs.

Last action — In committee: Set, first hearing. Hearing canceled at the request of author.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2017-2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law prescribes the instruments in, and criteria by which, a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law, until January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in deposits at specified types of financial institutions that use a private sector entity to assist in the placement of deposits, whether those investments are certificates of deposit or another form, as specified. Existing law, on and after January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in certificates of deposit at specified types of financial institutions that use a private sector entity to assist in the placement of certificates of deposit. This bill would increase the percentage of the local agency's funds that can be invested in both circumstances described above to 50%.

Bill Text

Action History

  1. In committee: Set, first hearing. Hearing canceled at the request of author.

  2. Re-referred to Com. on L. GOV.

  3. From committee chair, with author's amendments: Amend, and re-refer to Com. on L. GOV. Read second time and amended.

  4. Re-referred to Com. on L. GOV.

  5. From committee chair, with author's amendments: Amend, and re-refer to Com. on L. GOV. Read second time and amended.

  6. Referred to Coms. on L. GOV. and B. & F.

  7. From printer. May be heard in committee April 12.

  8. Read first time. To print.

Sponsors

  • Committee on Banking and Finance · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Committee on Banking and Finance

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 3253 do?
Existing law prescribes the instruments in, and criteria by which, a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law, until January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in deposits at specified types of financial institutions that use a private sector entity to assist in the placement of deposits, whether those investments are certificates of deposit or another form, as specified. Existing law, on and after January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in certificates of deposit at specified types of financial institutions that use a private sector entity to assist in the placement of certificates of deposit. This bill would increase the percentage of the local agency's funds that can be invested in both circumstances described above to 50%.
Who sponsors AB 3253?
AB 3253 is sponsored by Committee on Banking and Finance.
What is the current status of AB 3253?
This bill died with 2017-2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 3253?
Track AB 3253 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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