Fabio
94 lines
6.7 KiB
Markdown
94 lines
6.7 KiB
Markdown
---
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type: "Bill"
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title: "Local government: financial affairs: surplus funds."
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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."
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jurisdiction: "us/states/ca"
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legislature: "California Legislature"
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session: "20192020"
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identifier: "AB 945"
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citation: "California AB 945 (20192020)"
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classification: ["bill"]
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subjects: ["Local government: financial affairs: surplus funds."]
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status: "enacted"
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primary_sponsors: ["McCarty"]
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version_count: 6
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action_count: 24
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vote_count: 7
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first_action: "2019-02-20"
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last_action: "2019-10-08"
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source: "openstates"
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source_identifier: "ocd-bill/8718070f-3c22-40bf-bb13-3698c6937d39"
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source_url: "http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200AB945"
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source_hash: "b8a848441af250b4fea547fa721081d791302fd28dbb5b75410ea26a67c7c2c3"
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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 945 (20192020) — Local government: financial affairs: surplus funds.
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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.
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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. **02/20/19 - Introduced** (filed) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200AB945&version=20190AB94599INT)
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2. **07/01/19 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200AB945&version=20190AB94598AMD)
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3. **09/04/19 - Amended Senate** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200AB945&version=20190AB94597AMD)
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4. **10/08/19 - Chaptered** (committee substitute) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200AB945&version=20190AB94595CHP)
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5. **AB945** (committee substitute) — [source](http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201920200AB945)
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6. **09/13/19 - Enrolled** (enrolled) — [source](https://leginfo.legislature.ca.gov/faces/billPdf.xhtml?bill_id=201920200AB945&version=20190AB94596ENR)
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## Votes
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- Do pass. — **12–0** (pass) · lower
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- Do pass, but first be re-referred to the Committee on [Banking and Financial Institutions] — **5–0** (pass) · upper
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- AB 945 McCarty Concurrence in Senate Amendments — **79–0** (pass) · lower
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- Do pass and be re-referred to the Committee on [Banking and Finance] — **8–0** (pass) · lower
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- Do pass as amended — **7–0** (pass) · upper
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- AB 945 McCarty Assembly Third Reading — **75–0** (pass) · lower
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- 3rd Reading AB945 McCarty et al. By Pan — **39–1** (pass) · upper
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## Sponsors
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- McCarty — primary (person)
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- Aguiar-Curry — coauthor (person)
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- Voepel — coauthor (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2019-02-20** Read first time. To print. `reading-1`
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- **2019-02-21** From printer. May be heard in committee March 23.
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- **2019-03-04** Referred to Coms. on L. GOV. and B. & F. `referral-committee`
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- **2019-04-11** Coauthors revised.
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- **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`
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- **2019-04-23** From committee: Do pass. (Ayes 12. Noes 0.) (April 22). `committee-passage-favorable, committee-passage`
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- **2019-04-24** Read second time. Ordered to third reading. `reading-1, reading-2`
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- **2019-04-29** Read third time. Passed. Ordered to the Senate. (Ayes 75. Noes 0. Page 1396.) `passage, reading-3, reading-1`
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- **2019-04-29** In Senate. Read first time. To Com. on RLS. for assignment. `reading-1`
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- **2019-05-08** Referred to Coms. on GOV. & F. and B. & F.I. `referral-committee`
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- **2019-06-06** In committee: Hearing postponed by committee.
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- **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`
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- **2019-06-24** Joint Rule 62(a) suspended. (Page 1716.)
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- **2019-06-27** From committee: Amend, and do pass as amended. (Ayes 7. Noes 0.) (June 26). `amendment-passage, committee-passage, amendment-introduction`
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- **2019-07-01** Read second time and amended. Ordered to third reading. `amendment-passage, reading-1, reading-2`
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- **2019-09-04** Read third time and amended. Ordered to second reading. `amendment-passage, reading-3, reading-1`
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- **2019-09-05** Read second time. Ordered to third reading. `reading-1, reading-2`
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- **2019-09-09** Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 1. Page 2679.). `passage, reading-3, reading-1`
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- **2019-09-09** In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 11 pursuant to Assembly Rule 77.
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- **2019-09-10** Assembly Rule 77 suspended. (Page 3252.)
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- **2019-09-10** Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0. Page 3277.). `amendment-passage, committee-passage-favorable`
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- **2019-09-19** Enrolled and presented to the Governor at 3:30 p.m.
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- **2019-10-08** Approved by the Governor. `executive-signature`
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- **2019-10-08** Chaptered by Secretary of State - Chapter 619, Statutes of 2019.
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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/8718070f-3c22-40bf-bb13-3698c6937d39`. Confidence: reported (aggregated from official California legislature records).
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