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AB-1150 Security loan agreements.(2013-2014)

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CALIFORNIA LEGISLATURE— 2013–2014 REGULAR SESSION

Assembly Bill
No. 1150

Introduced by Assembly Member Fong

February 22, 2013

An act to amend Section 7600 of the Government Code, relating to security investments.


LEGISLATIVE COUNSEL'S DIGEST


AB 1150, as introduced, Fong. Security loan agreements.
Existing law authorizes specified state agencies to enter into security loan agreements with broker-dealers and with any state or national banks, as specified. Existing law also states the intent of the Legislature that, among other things, specified state agencies be authorized to invest marketable securities by entering into security loan agreements.
This bill would make nonsubstantive changes to these provisions.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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


SECTION 1.

 Section 7600 of the Government Code is amended to read:

7600.
 It is the intent of the Legislature that all of the following occur:
(a) Specified state agencies be authorized to invest marketable securities by entering into security loan agreements; agreements.
(b) State agencies charged with such authorityauthorized to invest marketable securities exercise prudence in making such agreements; a security loan agreement.
(c) Sound fiscal management be established with respect to transactions involving security agreements.