Bill > AB2080

This bill proposes changes to how county treasurers can manage local government investments. Currently, county boards of supervisors can delegate investment authority to the county treasurer, but this delegation is limited to one year and must be renewed annually. This bill would remove that one-year limitation, allowing the delegation to continue indefinitely until the board of supervisors revokes it, either by passing a new ordinance or by a four-fifths vote for specific reasons. After a delegation, the county treasurer would still be required to provide a monthly report of investment transactions to the board, and this change would not affect the treasurer's existing authority for certain types of investments. The bill also clarifies that this new provision regarding county treasurers applies "Notwithstanding" (meaning despite or regardless of) existing law that allows other local agencies to delegate investment authority for a one-year period.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB2080