§ 16428. — 16428. (Amended by Stats. 2023, Ch. 45, Sec. 41.)

California § 16428.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 4.
• Title 2.: DIVISION 4. FISCAL AFFAIRS
• Part 2.: PART 2. STATE FUNDS
• Ch. 2.: CHAPTER 2. Special Funds
• Art. 9.: ARTICLE 9. Litigation Deposits Fund

Text

Money in the fund may be invested and reinvested in any securities described in Section 16430 or deposited in banks as provided in Chapter 4 (commencing with Section 16500) of this part or deposited in savings and loan associations as provided in Chapter 4.5 (commencing with Section 16600) of this part. The department shall determine the amount of money available for investment or deposit and shall so arrange the investment or deposit program that funds will be available for the immediate payment of any court order or decree. The Treasurer shall invest or make deposits in accordance with these determinations.
All revenues earned from investment or deposit of fund moneys shall be deposited in the fund. After first deducting therefrom the amount payable to the Treasurer for investment services rendered and
the amount payable to the department for administrative services rendered, the department shall apportion as of June 30 and December 31 of each year the remainder of such revenues earned and deposited in the fund during the six calendar months ending with such dates. There shall be apportioned and credited to each litigation deposit in the fund during such six-month period, an amount directly proportionate to the total deposits in the fund and the length of time such deposits remained therein. The amounts so apportioned shall be paid to the party receiving the deposit. The cost of administrative services rendered shall be determined by the department in a manner approved by the Department of Finance. The amounts payable to the department and to the Treasurer shall be transferred to the General Fund and accounted as reimbursements to their respective appropriations.
Notwithstanding any other provision of law, the Controller may use money in the fund for cashflow
loans to the General Fund as provided in Sections 16310 and 16381.
Notwithstanding any other law, the Department of Finance may authorize budgetary loans from the fund to the General Fund pursuant to the annual budget process. This section does not authorize any transfer that will interfere with the object for which this fund was created.

Legislative History

Amended by Stats. 2023, Ch. 45, Sec. 41. (AB 127) Effective July 10, 2023.