AB 1853: 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 districts 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 the San Joaquin County Treasury Investment Pool and in any investment or deposit that a local agency may place funds pursuant to state law. The bill would also make conforming changes.