§ 53601.5. — 53601.5. (Amended by Stats. 2001, Ch. 57, Sec. 2.)

California § 53601.5.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Div.: 2.
• Title 5.: DIVISION 2. CITIES, COUNTIES, AND OTHER AGENCIES
• Part 1.: PART 1. POWERS AND DUTIES COMMON TO CITIES, COUNTIES, AND OTHER AGENCIES
• Ch. 4.: CHAPTER 4. Financial Affairs
• Art. 1.: ARTICLE 1. Investment of Surplus

Text

The purchase by a local agency of any investment authorized pursuant to Section 53601 or 53601.1, not purchased directly from the issuer, shall be purchased either from an institution licensed by the state as a broker-dealer, as defined in Section 25004 of the Corporations Code, or from a member of a federally regulated securities exchange, from a national or state-chartered bank, from a savings association or federal association (as defined by Section 5102 of the Financial Code) or from a brokerage firm designated as a primary government dealer by the Federal
Reserve bank.

Legislative History

Amended by Stats. 2001, Ch. 57, Sec. 2. Effective January 1, 2002.