Legal Resources | | GC 53630
Financial Affairs; Deposit of Funds
As used in this article:
(a) "Local agency" means county, city, city and county, including a chartered city or county, a community college district, or other public agency or corporation in this state.
(b) "Treasurer" means treasurer of the local agency.
(c) "Depository" means a state or national bank, savings association or federal association, a state or federal credit union, or a federally insured industrial loan company, in this state in which the moneys of a local agency are deposited.
(d) "Agent of depository" means a trust company or trust department of a state or national bank located in this state, including the trust department of a depository where authorized, and the Federal Home Loan Bank of San Francisco, which is authorized to act as an agent of depository for the purposes of this article pursuant to Section 53657.
(e) "Security" means any of the eligible securities or obligations listed in Section 53651.
(f) "Pooled securities" means eligible securities held by an agent of depository for a depository and securing deposits of one or more local agencies.
(g) "Administrator" means the Administrator of Local Agency Security of the State of California.
(h) "Savings association or federal association" means a savings association, savings and loan association, or savings bank as defined by Section 5102 of the Financial Code.
(i) "Federally insured industrial loan company" means an industrial loan company licensed under Division 7 (commencing with Section 18000) of the Financial Code, the investment certificates of which are insured by the Federal Deposit Insurance Corporation.
(j) "Corporation" includes a limited liability company.
(Amended by Stats. 2004, Ch. 118, Sec. 19.7.)