California Health and Safety Code 8778 – The following shall be eligible investments for all special care …
The following shall be eligible investments for all special care trusts:
(a) Bonds of the United States or this state, or of any county, city, or city and county in this state.
Terms Used In California Health and Safety Code 8778
- Amortization: Paying off a loan by regular installments.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: includes city and county. See California Health and Safety Code 14
- Director: means "State Director of Health Services. See California Health and Safety Code 21
- State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
(b) Bonds that are legal investments for commercial banks in this state.
(c) Certificates of deposit or other interest-bearing accounts in any bank in this state insured by the Federal Deposit Insurance Corporation.
(d) Investment certificates or shares in any state or federally chartered savings and loan association insured by the Federal Savings and Loan Insurance Corporation.
(e) Investments in first trust deeds on improved real estate, provided that the loans require monthly amortization of principal and interest and are fully amortized within 30 years or the term of the loan, whichever comes first. No loan shall be made to the cemetery authority, to the director, officer, or stockholder of a cemetery authority, or trustees of the special care funds, or to partners, relatives, agents, or employees thereof.
(f) Any investment that is lawful for endowment care funds under Sections 8751 and 8751.1.
(Amended by Stats. 2007, Ch. 307, Sec. 1. Effective January 1, 2008.)