California § 45308.3. 45308.3. (Amended by Stats. 1979, Ch. 373.)

California Statutes

§ 45308.3. — 45308.3. (Amended by Stats. 1979, Ch. 373.)

California § 45308.3.

JurisdictionCalifornia

Code GOVGovernment Code - GOV

Div.5.

Title 4.DIVISION 5. EMPLOYEES

Ch. 2.CHAPTER 2. Retirement

Art. 1.ARTICLE 1. General

This text of California § 45308.3. (45308.3. (Amended by Stats. 1979, Ch. 373.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Government Code - GOV Code § 45308.3. (2026).

Text

Notwithstanding Section 45308.1, funds received by city retirement systems and not required for current disbursements may be invested in bonds issued pursuant to the Improvement Bond Act of 1915; provided, that an ad valorem tax on all property taxable by the public agency which authorized the issuance of such bonds, at a rate not exceeding ten cents ($0.10) for each one hundred dollars ($100) of assessed value, computed as of the date of such investment, would produce an amount equal to at least 100 percent of the principal and interest payable in any year thereafter on the issue of bonds in which such investment is made.

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Notwithstanding Section 45308.1, funds received by city retirement systems and not required for current disbursements may be invested in bonds issued pursuant to the Improvement Bond Act of 1915; provided, that an ad valorem tax on all property taxable by the public agency which authorized the issuance of such bonds, at a rate not exceeding ten cents ($0.10) for each one hundred dollars ($100) of assessed value, computed as of the date of such investment, would produce an amount equal to at least 100 percent of the principal and interest payable in any year thereafter on the issue of bonds in which such investment is made.