Fabio
78 lines
5.5 KiB
Markdown
78 lines
5.5 KiB
Markdown
---
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type: "Bill"
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title: "Local government: investments."
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description: "Existing law regulates the investment of public funds by local agencies, as defined. Existing law authorizes the legislative body of a local agency, as specified, that has money in a sinking fund or in its treasury not required for immediate needs to invest the money as it deems wise or expedient in certain securities and financial instruments. In this regard, existing law authorizes investment in a mortgage passthrough security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable passthrough certificate, or consumer receivable-backed bond that has a maximum of 5 years' maturity. Existing law further requires that these investments be issued by an issuer rated \"A\" or its equivalent or better for the issuer's debt as provided by a nationally recognized statistical rating organization (NRSRO) and rated in a rating category of \"AA\" or its equivalent or better by a NRSRO."
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jurisdiction: "us/states/ca"
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legislature: "California Legislature"
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session: "20172018"
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identifier: "AB 1770"
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citation: "California AB 1770 (20172018)"
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classification: ["bill"]
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subjects: ["Local government: investments."]
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status: "enacted"
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primary_sponsors: ["Steinorth"]
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version_count: 4
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action_count: 15
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vote_count: 4
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first_action: "2018-01-04"
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last_action: "2018-09-06"
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source: "openstates"
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source_identifier: "ocd-bill/21f5519a-445d-44ad-94fd-0f9fb2371181"
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source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201720180AB1770"
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source_hash: "6905da6ea5d1bbaa9f262b4df91d22e8e1f3fd835dfedbd3f62ab4b218c885ab"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-ca"]
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---
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# California AB 1770 (20172018) — Local government: investments.
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Existing law regulates the investment of public funds by local agencies, as defined. Existing law authorizes the legislative body of a local agency, as specified, that has money in a sinking fund or in its treasury not required for immediate needs to invest the money as it deems wise or expedient in certain securities and financial instruments. In this regard, existing law authorizes investment in a mortgage passthrough security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable passthrough certificate, or consumer receivable-backed bond that has a maximum of 5 years' maturity. Existing law further requires that these investments be issued by an issuer rated "A" or its equivalent or better for the issuer's debt as provided by a nationally recognized statistical rating organization (NRSRO) and rated in a rating category of "AA" or its equivalent or better by a NRSRO.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **01/04/18 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201720180AB1770&version=20170AB177099INT)
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2. **09/06/18 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201720180AB1770&version=20170AB177097CHP)
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3. **AB1770** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201720180AB1770)
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4. **08/24/18 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201720180AB1770&version=20170AB177098ENR)
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## Votes
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- 3rd Reading AB1770 Steinorth By Leyva — **38–0** (pass) · upper
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- AB 1770 STEINORTH Consent Calendar Second Day — **71–0** (pass) · lower
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- Do pass — **7–0** (pass) · upper
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- Do pass. To Consent Calendar. — **9–0** (pass) · lower
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## Sponsors
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- Steinorth — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2018-01-04** Read first time. To print. `reading-1`
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- **2018-01-05** From printer. May be heard in committee February 4.
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- **2018-01-22** Referred to Com. on L. GOV. `referral-committee`
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- **2018-04-12** From committee: Do pass. To Consent Calendar. (Ayes 9. Noes 0.) (April 11). `committee-passage-favorable, committee-passage`
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- **2018-04-16** Read second time. Ordered to Consent Calendar. `reading-2, reading-1`
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- **2018-04-19** Read third time. Passed. Ordered to the Senate. (Ayes 71. Noes 0. Page 4791.) `reading-3, passage, reading-1`
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- **2018-04-19** In Senate. Read first time. To Com. on RLS. for assignment. `reading-1`
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- **2018-05-03** Referred to Com. on GOV. & F. `referral-committee`
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- **2018-06-20** From committee: Do pass. (Ayes 7. Noes 0.) (June 20). `committee-passage-favorable, committee-passage`
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- **2018-06-21** Read second time. Ordered to third reading. `reading-2, reading-1`
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- **2018-08-23** Read third time. Passed. Ordered to the Assembly. (Ayes 38. Noes 0. Page 5629.). `reading-3, passage, reading-1`
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- **2018-08-23** In Assembly. Ordered to Engrossing and Enrolling. `committee-passage`
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- **2018-08-28** Enrolled and presented to the Governor at 3 p.m.
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- **2018-09-06** Approved by the Governor. `executive-signature`
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- **2018-09-06** Chaptered by Secretary of State - Chapter 271, Statutes of 2018.
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/21f5519a-445d-44ad-94fd-0f9fb2371181`. Confidence: reported (aggregated from official California legislature records).
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