FYI The governor signed this bill changing the maturity limits on certain eligible investments. This bill was supported by CMTA. Under existing law, funds that belong to, or are in the custody of, a local agency or local agency moneys that are not required for the immediate necessity of the local agency may be invested in any of several specified investments. Existing law permits limited purchases of bankers acceptances that do not exceed 270 days maturity. The purchase of prime quality commercial paper for those instruments is also permitted if the eligible commercial paper does not exceed 180 days maturity. This bill would revise the maximum maturity periods for those investments to 180 days for bankers acceptances and 270 days for prime quality commercial paper. Frances Medema Policy Analyst League of California Cities 1400 K Street Suite 400 Sacramento, CA 95814 phone: 916/658-8218 fax: 916/658-8240 email: [EMAIL PROTECTED]
