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 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 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 45 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.