Bill Text: CA SB1508 | 2011-2012 | Regular Session | Introduced

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Bill Title: State funds: deposit: eligible bank.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-04-16 - Set, second hearing. Hearing canceled at the request of author. [SB1508 Detail]

Download: California-2011-SB1508-Introduced.html

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BILL NUMBER: SB 1508	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Lowenthal

                        FEBRUARY 24, 2012

   An act to amend Section 16500 of the Government Code, relating to
state funds.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1508, as introduced, Lowenthal. State funds: deposit: eligible
bank.
   Existing law requires the Treasurer to, if possible, deposit all
money in the State Treasury or under the control of the Treasurer
into an eligible bank. Existing law defines an "eligible bank" to
mean a state or national bank located in this state, selected by the
Treasurer for the safekeeping of money belonging to or in the custody
of the state, that has received an overall rating of not less than
satisfactory in its most recent evaluation by the appropriate federal
financial supervisory agency of the bank's record of meeting the
credit needs of the state's communities, including low- and
moderate-income neighborhoods.
   Existing law authorizes the California Infrastructure and Economic
Development Bank to carry out various powers and duties relating to
encouraging the development of infrastructure and economic
development, including, among others, to enter into loan agreements
with a sponsor or a participating party, as defined, in order to
finance a project related to infrastructure or economic development,
and to receive money from any source to finance the development of a
project.
   This bill would revise the definition of an eligible bank to also
include the California Infrastructure and Economic Development Bank.

   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 16500 of the Government Code is amended to
read:
   16500.   (a)    As used in this chapter,
"eligible bank" means a state or national bank located in this state,
selected by the Treasurer for the safekeeping of money belonging to
or in the custody of the state, that has received an overall rating
of not less than "satisfactory" in its most recent evaluation by the
appropriate federal financial supervisory agency of the bank's record
of meeting the credit needs of the state's communities, including
low- and moderate-income neighborhoods, pursuant to Section 2906 of
Title 12 of the United States Code  Sec. 2906  . An eligible
bank is eligible to receive deposits only to the extent that it
furnishes the security required by this chapter. 
   (b) For purposes of this chapter, an "eligible bank" shall also
mean the California Infrastructure and Economic Development Bank.