California Government Code 53654 – (a) The depository may add securities to the pool or substitute …
(a) The depository may add securities to the pool or substitute securities of equal value for those in the pool at any time, but shall not interchange classes of security, as defined in Section 53632.5, without prior approval of the treasurer.
(b) Withdrawal of securities from the pool without replacement at equal value may be ordered only by two duly authorized officers or employees of the depository who satisfy the requirements as may be set by the administrator.
Terms Used In California Government Code 53654
- Administrator: means the Administrator of Local Agency Security of the State of California. See California Government Code 53630
- Agent of depository: means a trust company or trust department of a state or national bank located in this state, including the trust department of a depository where authorized, and the Federal Home Loan Bank of San Francisco, which is authorized to act as an agent of depository for the purposes of this article pursuant to Section 53657. See California Government Code 53630
- Depository: means a state or national bank, savings association or federal association, a state or federal credit union, or a federally insured industrial loan company, in this state in which the moneys of a local agency are deposited. See California Government Code 53630
- Security: means any of the eligible securities or obligations listed in Section 53651. See California Government Code 53630
- Treasurer: means treasurer of the local agency. See California Government Code 53630
(c) The agent of depository is responsible for the safekeeping and disbursement of securities placed in its custody by a depository. It shall release securities only upon presentation by the depository of the most reasonably current statement of the total deposits subject to this article held by the depository, such statement to be verified and countersigned by two duly authorized officers, other than those who ordered the withdrawal of securities. A copy of this statement shall be forwarded to the administrator concurrently by the agent of depository.
(Amended by Stats. 1986, Ch. 1132, Sec. 22.)