---
type: "Bill"
title: "Government finance."
description: "Existing law specifies the types of securities that are eligible for the investment of surplus state funds, including commercial paper of \"prime\" quality as defined by a nationally recognized organization that rates these securities, if the commercial paper is issued by a corporation, trust, or limited liability company that is approved by the Pooled Money Investment Board as meeting specified conditions. Existing law prohibits a purchase of commercial paper from exceeding 180 days maturity."
jurisdiction: "us/states/ca"
legislature: "California Legislature"
session: "20152016"
identifier: "SB 797"
citation: "California SB 797 (20152016)"
classification: ["bill"]
subjects: ["Government finance."]
status: "enacted"
primary_sponsors: ["Committee on Governmental Organization"]
version_count: 5
action_count: 20
vote_count: 5
first_action: "2015-03-12"
last_action: "2015-09-02"
source: "openstates"
source_identifier: "ocd-bill/1a6e8a09-3b46-43af-8da0-02cd4d4978b2"
source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160SB797"
source_hash: "10ee9789250add04b5cc9f8077a8cd87752e54ff23060c06b2ebd8b60f2e9bad"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-ca"]
---

# California SB 797 (20152016) — Government finance.

Existing law specifies the types of securities that are eligible for the investment of surplus state funds, including commercial paper of "prime" quality as defined by a nationally recognized organization that rates these securities, if the commercial paper is issued by a corporation, trust, or limited liability company that is approved by the Pooled Money Investment Board as meeting specified conditions. Existing law prohibits a purchase of commercial paper from exceeding 180 days maturity.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **03/12/15 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160SB797&version=20150SB79799INT)
2. **04/15/15 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160SB797&version=20150SB79798AMD)
3. **09/02/15 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160SB797&version=20150SB79796CHP)
4. **SB797** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160SB797)
5. **08/24/15 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201520160SB797&version=20150SB79797ENR)

## Votes

- Do pass. To Consent Calendar. — **16–0** (pass) · lower
- Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar — **11–0** (pass) · lower
- Consent Calendar 2nd SB797 Committee On G.O. — **36–0** (pass) · upper
- Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar — **7–0** (pass) · upper
- SB 797 G.O. Consent Calendar Second Day — **79–0** (pass) · lower

## Sponsors

- Committee on Governmental Organization — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2015-03-12** Introduced. Read first time. To Com. on RLS. for assignment. To print. `introduction, reading-1`
- **2015-03-13** From printer. May be acted upon on or after April 12.
- **2015-03-19** Referred to Com. on G.O. `referral-committee`
- **2015-04-15** From committee with author's amendments. Read second time and amended. Re-referred to Com. on G.O. `referral-committee, reading-2, amendment-passage, committee-passage, reading-1`
- **2015-04-16** Set for hearing April 28.
- **2015-04-28** From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 7. Noes 0. Page 797.) (April 28). Re-referred to Com. on APPR. `referral-committee, committee-passage-favorable, committee-passage`
- **2015-05-01** Set for hearing May 11.
- **2015-05-11** From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar. `committee-passage, reading-2`
- **2015-05-12** Read second time. Ordered to consent calendar. `reading-2, reading-1`
- **2015-05-18** Read third time. Passed. (Ayes 36. Noes 0. Page 1028.) Ordered to the Assembly. `reading-3, passage, reading-1`
- **2015-05-18** In Assembly. Read first time. Held at Desk. `reading-1`
- **2015-06-11** Referred to Com. on B. & F. `referral-committee`
- **2015-07-07** From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 11. Noes 0.) (July 6). Re-referred to Com. on APPR. `referral-committee, committee-passage-favorable, committee-passage`
- **2015-07-15** From committee: Do pass. Ordered to consent calendar. (Ayes 16. Noes 0.) (July 15). `committee-passage-favorable, committee-passage`
- **2015-07-16** Read second time. Ordered to consent calendar. `reading-2, reading-1`
- **2015-08-20** Read third time. Passed. (Ayes 79. Noes 0. Page 2534.) Ordered to the Senate. `reading-3, passage, reading-1`
- **2015-08-20** In Senate. Ordered to engrossing and enrolling.
- **2015-08-26** Enrolled and presented to the Governor at 4:30 p.m.
- **2015-09-02** Approved by the Governor. `executive-signature`
- **2015-09-02** Chaptered by Secretary of State. Chapter 249, Statutes of 2015.

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/1a6e8a09-3b46-43af-8da0-02cd4d4978b2`. Confidence: reported (aggregated from official California legislature records).