California Government Code 53679 – So far as possible, all money belonging to a local agency under the …
So far as possible, all money belonging to a local agency under the control of any of its officers or employees other than the treasurer shall, and money deposited as bail coming into the possession of a judge or officer of a superior court may, be deposited as active deposits in the state or national bank, inactive deposits in the state or national bank or state or federal association, federal or state credit union, or federally insured industrial loan company in this state selected by the officer, employee, or judge of the court. For purposes of this section, an officer or employee of a local agency and a judge or officer of a superior court are prohibited from depositing local agency funds or money coming into their possession into a state or federal credit union if an officer or employee of the local agency, or a judge or officer of a superior court, also serves on the board of directors, or any committee appointed by the board of directors, or the credit committee or supervisory committee, of the particular state or federal credit union. That money is subject to this article except:
(a) Deposits in an amount less than that insured pursuant to federal law are not subject to this article.
Terms Used In California Government Code 53679
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Contract: A legal written agreement that becomes binding when signed.
- Federally insured industrial loan company: means an industrial loan company licensed under Division 7 (commencing with Section 18000) of the Financial Code, the investment certificates of which are insured by the Federal Deposit Insurance Corporation. See California Government Code 53630
- Local agency: means county, city, city and county, including a chartered city or county, a community college district, or other public agency or corporation in this state. See California Government Code 53630
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
- Treasurer: means treasurer of the local agency. See California Government Code 53630
For deposits in excess of the amount insured under any federal law a contract in accordance with Section 53649 is required and the provisions of this article shall apply.
(b) Interest is not required on money deposited in an active deposit by a judge or officer of a superior court.
(c) Interest is not required on money deposited in an active deposit by an officer having control of a revolving fund created pursuant to Chapter 2 (commencing with Section 29300) of Division 3 of Title 3.
(d) Interest is not required on money deposited in an active deposit by an officer having control of a special fund established pursuant to Article 5 (commencing with Section 29400) or Article 6 (commencing with Section 29430) of Chapter 2 of Division 3 of Title 3.
(Amended by Stats. 2010, Ch. 212, Sec. 8. (AB 2767) Effective January 1, 2011.)