ARTICLE 2. State School Funds [13470 - 13474]
( Article 2 added by Stats. 1945, Ch. 112. )
Whenever there is in the treasury to the credit of the Unclaimed Property Fund the sum of twenty thousand dollars ($20,000) or more, the Director of Finance shall invest all but ten thousand dollars ($10,000) in the bonds specified in this article. No investment shall be made which will reduce the uninvested portion of the fund below the amount of ten thousand dollars ($10,000), and whenever a demand presented against the fund will reduce the amount of cash therein below ten thousand dollars ($10,000), the director shall sell such bonds belonging to the fund as he deems proper, so as to restore the cash retention of ten thousand dollars ($10,000).
(Amended by Stats. 1951, Ch. 1708.)
Investments under this article may be made in bonds of this State, of the United States, or of any county, permanent road district, city, school district, metropolitan water district, or municipal utility district of this State. Investment of school land proceeds may also be made in bonds of irrigation districts of this State.
(Added by Stats. 1945, Ch. 112.)
The investments shall be made in such manner and on such terms as the director deems best for such fund.
(Amended by Stats. 1974, Ch. 544.)
All bonds purchased under this article shall be delivered to the Treasurer, who shall credit the interest to the State School Fund, when collected.
(Amended by Stats. 1974, Ch. 544.)