--- type: "Bill" title: "Local government: financial affairs: surplus funds." description: "Existing law prescribes the instruments and criteria by which a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law, until January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in deposits at specified types of financial institutions that use a private sector entity to assist in the placement of deposits, as specified. Existing law, on and after January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in certificates of deposit at specified types of financial institutions." jurisdiction: "us/states/ca" legislature: "California Legislature" session: "20192020" identifier: "AB 945" citation: "California AB 945 (20192020)" classification: ["bill"] subjects: ["Local government: financial affairs: surplus funds."] status: "enacted" primary_sponsors: ["McCarty"] version_count: 6 action_count: 24 vote_count: 7 first_action: "2019-02-20" last_action: "2019-10-08" source: "openstates" source_identifier: "ocd-bill/8718070f-3c22-40bf-bb13-3698c6937d39" source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200AB945" source_hash: "b8a848441af250b4fea547fa721081d791302fd28dbb5b75410ea26a67c7c2c3" 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 AB 945 (20192020) — Local government: financial affairs: surplus funds. Existing law prescribes the instruments and criteria by which a local agency, as defined, may invest and deposit its funds, including its surplus funds. Existing law, until January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in deposits at specified types of financial institutions that use a private sector entity to assist in the placement of deposits, as specified. Existing law, on and after January 1, 2021, authorizes a local agency, under certain conditions, to invest up to 30% of the agency's surplus funds in certificates of deposit at specified types of financial institutions. ## Version chain The bill's text revisions, in order — the diff chain from filing to enrollment. 1. **02/20/19 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200AB945&version=20190AB94599INT) 2. **07/01/19 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200AB945&version=20190AB94598AMD) 3. **09/04/19 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200AB945&version=20190AB94597AMD) 4. **10/08/19 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200AB945&version=20190AB94595CHP) 5. **AB945** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200AB945) 6. **09/13/19 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200AB945&version=20190AB94596ENR) ## Votes - Do pass. — **12–0** (pass) · lower - Do pass, but first be re-referred to the Committee on [Banking and Financial Institutions] — **5–0** (pass) · upper - AB 945 McCarty Concurrence in Senate Amendments — **79–0** (pass) · lower - Do pass and be re-referred to the Committee on [Banking and Finance] — **8–0** (pass) · lower - Do pass as amended — **7–0** (pass) · upper - AB 945 McCarty Assembly Third Reading — **75–0** (pass) · lower - 3rd Reading AB945 McCarty et al. By Pan — **39–1** (pass) · upper ## Sponsors - McCarty — primary (person) - Aguiar-Curry — coauthor (person) - Voepel — coauthor (person) ## Timeline The legislative action history — every referral, reading, and vote. - **2019-02-20** Read first time. To print. `reading-1` - **2019-02-21** From printer. May be heard in committee March 23. - **2019-03-04** Referred to Coms. on L. GOV. and B. & F. `referral-committee` - **2019-04-11** Coauthors revised. - **2019-04-11** From committee: Do pass and re-refer to Com. on B. & F. (Ayes 8. Noes 0.) (April 10). Re-referred to Com. on B. & F. `committee-passage-favorable, committee-passage, referral-committee` - **2019-04-23** From committee: Do pass. (Ayes 12. Noes 0.) (April 22). `committee-passage-favorable, committee-passage` - **2019-04-24** Read second time. Ordered to third reading. `reading-1, reading-2` - **2019-04-29** Read third time. Passed. Ordered to the Senate. (Ayes 75. Noes 0. Page 1396.) `passage, reading-3, reading-1` - **2019-04-29** In Senate. Read first time. To Com. on RLS. for assignment. `reading-1` - **2019-05-08** Referred to Coms. on GOV. & F. and B. & F.I. `referral-committee` - **2019-06-06** In committee: Hearing postponed by committee. - **2019-06-20** From committee: Do pass and re-refer to Com. on B. & F.I. (Ayes 5. Noes 0.) (June 19). Re-referred to Com. on B. & F.I. `committee-passage-favorable, committee-passage, referral-committee` - **2019-06-24** Joint Rule 62(a) suspended. (Page 1716.) - **2019-06-27** From committee: Amend, and do pass as amended. (Ayes 7. Noes 0.) (June 26). `amendment-passage, committee-passage, amendment-introduction` - **2019-07-01** Read second time and amended. Ordered to third reading. `amendment-passage, reading-1, reading-2` - **2019-09-04** Read third time and amended. Ordered to second reading. `amendment-passage, reading-3, reading-1` - **2019-09-05** Read second time. Ordered to third reading. `reading-1, reading-2` - **2019-09-09** Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 1. Page 2679.). `passage, reading-3, reading-1` - **2019-09-09** In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 11 pursuant to Assembly Rule 77. - **2019-09-10** Assembly Rule 77 suspended. (Page 3252.) - **2019-09-10** Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 3277.). `amendment-passage, committee-passage-favorable` - **2019-09-19** Enrolled and presented to the Governor at 3:30 p.m. - **2019-10-08** Approved by the Governor. `executive-signature` - **2019-10-08** Chaptered by Secretary of State - Chapter 619, Statutes of 2019. ## Source OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/8718070f-3c22-40bf-bb13-3698c6937d39`. Confidence: reported (aggregated from official California legislature records).