Is Cal. Gov't Code § 53595.45 — Collateralized Borrowing still in force?

Statute · California Government Code

Cal. Gov't Code § 53595.45 — Collateralized Borrowing

Cal. Gov't Code § 53595.45

Type: Statute
Source: California Government Code
Jurisdiction: California
Date: 1993-10-08
Current through: Nov 2, 2026 (California Legislative Counsel)

Citator

Cal. Gov't Code § 53595.45 — Collateralized Borrowing is in force in the current edition of the Code, and nothing recorded condemns it.

(a) Debt instruments issued by a local agency under this article are hereby made securities in which all (1) banks, bankers, savings banks, trust companies, and other persons carrying on a banking business, (2) all insurance companies, insurance associations, and other persons carrying on an insurance business, (3) all administrators, executors, guardians, trustees, and other fiduciaries, and (4) all other persons whatsoever who now are or may hereafter be authorized to invest in debt instruments or other obligations of the state, may properly and legally invest any funds, including capital belonging to them or within their control.

(b) The debt instruments are hereby made securities which may properly and legally be deposited with, and received by, any state or municipal officers or agency of the state or municipality or political subdivision thereof for any purpose for which the deposit of debt instruments or other obligations of the state is now, or may hereafter be, authorized by law.