AB 2080: 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 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 delegations by county boards of supervisors. The bill would instead require the county treasurer to assume this responsibility after a delegation until the board revokes its delegation either by ordinance, or for cause and by ⁴/₅ vote. The bill would specify that, after a delegation, the treasurer is required to make a monthly report of these transactions to the legislative body. those delegations, and would remove the requirement that revocation of those delegations be made by ordinance. The bill would require the county board of supervisors to set monthly or quarterly reporting requirements after delegation, as specified.