California Government Code Section 50050
For purposes of this article, “local agency” includes all districts. Except as otherwise provided by law, money, excluding restitution to victims, that is not the property of a local agency that remains unclaimed in its treasury or in the official custody of its officers for three years is the property of the local agency after notice if not claimed or if no verified complaint is filed and served. At any time after the expiration of the three-year period, the treasurer of the local agency may cause a notice to be published once a week for two successive weeks in a newspaper of general circulation published in the local agency. Money representing restitution collected on behalf of victims shall be either deposited into the Restitution Fund or used by the local agency for purposes of victim services after the expiration of the three-year period. However, with respect to moneys deposited with the county treasurer pursuant to Section 7663 of the Probate Code, this three-year period to claim money held by a local agency is extended for an infant or person of unsound mind until one year from the date his or her disability ceases
California Government Code Section 29802
(a) Unless otherwise provided by ordinance, any warrant
issued is void if not presented to the county treasurer for payment
within six months after its date.
Whenever, under the provisions of this section, warrants drawn on
trust funds became void, the moneys in the county treasury
represented by the warrants may be transferred to the general fund of
the county by the county auditor unless disposition is otherwise
provided by law.
(b) Any time within two years from the date on which the original
warrant became void, the payee or assignee of any warrant which is
void as provided in this section may present the warrant to the
governing body of the agency on which the warrant was drawn, or
declare by affidavit that the warrant has been lost or destroyed, and
the governing body may by resolution authorize the auditor to draw
new warrants within the limitations prescribed by the resolution
without prior individual order of the governing body, provided the
limitations prescribed by this section have been complied with. The
new warrant shall be subject to the same limitations as the original
warrant which it replaces.
(c) If, at any time after a period of two years from the date on
which the original warrant became void, or during such other period
of time as specified by ordinance, the payee or assignee presents
such warrant to the governing body of the agency on which the warrant
was drawn, the governing body may adopt an order instructing the
county auditor to draw a new warrant in favor of the payee or
assignee in the same amount as the original warrant, or the governing
body, by resolution, may authorize the auditor, without prior
individual order of the governing body, to draw warrants within the
limitations prescribed by the resolution in any case in which the
auditor determines that it would be inequitable or unreasonable not
to draw the warrant, and money is available in the county treasury to
make payment on the indebtedness. If the auditor deems it necessary, he or she may present a voided warrant to the governing body for its review, approval, and appropriation of funds. Any such new warrant shall be subject to the same limitations as the original warrant which it replaces.
California Government Code Section 27130-27137
27130. The Legislature finds and declares that local agencies,
including school districts, should participate in reviewing the
policies that guide the investment of those funds. The Legislature
further finds and declares that by pooling deposits from local
agencies and other participants, county treasuries operate in the
public interest when they consolidate banking and investment
activities, reduce duplication, achieve economies of scale, and carry
out coherent and consolidated investment strategies. The Legislature
further finds and declares that the creation of county treasury
oversight committees will promote the public interest by involving
depositors in the management of their funds and by enhancing the
security and investment return on their funds by providing a more
stable and predictable balance for investment by establishing
criteria for the withdrawal of funds.
27131. (a) The board of supervisors in each county or city and
county may, if the county or city and county is investing surplus
funds, establish a county treasury oversight committee. The board of
supervisors, in consultation with the county treasurer, shall
determine the exact size of the committee, which shall consist of
from 3 to 11 members, and the categories from which the members shall
be represented, as specified in subdivisions (a) to (g), inclusive,
of Section 27132. Members shall be nominated by the treasurer and
confirmed by the board of supervisors.
(b) In recognition of the state and local interests served by the
action made optional in subdivision (a), the Legislature encourages
local agencies to continue taking the action formerly mandated by
this section. However, nothing in this subdivision may be construed
to impose any liability on a local agency that does not continue to
take the formerly mandated action.
27132. The county treasury oversight committee, pursuant to Section 27131, shall consist of members appointed from the following:
(a) The county treasurer.
(b) The county auditor, auditor-controller, or finance director,
as the case may be.
(c) A representative appointed by the county board of supervisors.
(d) The county superintendent of schools or his or her designee.
(e) A representative selected by a majority of the presiding
officers of the governing bodies of the school districts and community college districts in the county.
(f) A representative selected by a majority of the presiding
officers of the legislative bodies of the special districts in the
county that are required or authorized to deposit funds in the county
treasury.
(g) Up to five other members of the public.
(1) A majority of the other public members shall have expertise
in, or an academic background in, public finance.
(2) The other public members shall be economically diverse and
bipartisan in political registration.
27132.1. A member may not be employed by an entity that has (a)
contributed to the campaign of a candidate for the office of local
treasurer, or (b) contributed to the campaign of a candidate to be a
member of a legislative body of any local agency that has deposited
funds in the county treasury, in the previous three years or during
the period that the employee is a member of the committee.
27132.2. A member may not directly or indirectly raise money for a
candidate for local treasurer or a member of the governing board of
any local agency that has deposited funds in the county treasury
while a member of the committee.
27132.3. A member may not secure employment with, or be employed
by, bond underwriters, bond counsel, security brokerages or dealers,
or financial services firms, with whom the treasurer is doing
business during the period that the person is a member of the
committee or for one year after leaving the committee.
27132.4. Committee meetings shall be open to the public and subject
to the Ralph M. Brown Act (Chapter 9 (commencing with Section 54950)
of Part 1 of Division 2 of Title 5).
27133. In any county that establishes a county treasury oversight
committee pursuant to this article, the county treasurer shall
annually prepare an investment policy that will be reviewed and
monitored by the county treasury oversight committee. The investment
policy shall include all of the following:
(a) A list of securities or other instruments in which the county
treasury may invest, according to law, including the maximum
allowable percentage by type of security.
(b) The maximum term of any security purchased by the county
treasury.
(c) The criteria for selecting security brokers and dealers from,
to, or through whom the county treasury may purchase or sell
securities or other instruments. The criteria shall prohibit the
selection of any broker, brokerage, dealer, or securities firm that
has, within any consecutive 48-month period following January 1,
1996, made a political contribution in an amount exceeding the
limitations contained in Rule G-37 of the Municipal Securities
Rulemaking Board, to the local treasurer, any member of the governing
board of the local agency, or any candidate for those offices.
(d) Limits on the receipt of honoraria, gifts, and gratuities from
advisors, brokers, dealers, bankers, or other persons with whom the
county treasury conducts business by any member of the county
treasury oversight committee. These limits may be in addition to the
limits set by a committee member's own agency, by state law, or by
the Fair Political Practices Commission.
(e) A requirement that the county treasurer provide the county
treasury oversight committee with an investment report as required by
the board of supervisors.
(f) The manner of calculating and apportioning the costs,
authorized by Section 27013, of investing, depositing, banking,
auditing, reporting, or otherwise handling or managing funds.
(g) The terms and conditions under which local agencies and other
entities that are not required to deposit their funds in the county
treasury may deposit funds for investment purposes.
(h) Criteria for considering requests to withdraw funds from the
county treasury, pursuant to Section 27136. The criteria shall
include an assessment of the effect of a proposed withdrawal on the
stability and predictability of the investments in the county
treasury.
27134. The county treasury oversight committee shall cause an
annual audit to be conducted to determine the county treasury's
compliance with this article. The audit may include issues relating to the structure of the investment portfolio and risk.
27135. The costs of complying with this article shall be county
charges and may be included with those charges enumerated under
Section 2701
27136. (a) Notwithstanding any other provision of law, any local
agency, public agency, public entity, or public official that has
funds on deposit in the county treasury pool and that seeks to
withdraw funds for the purpose of investing or depositing those funds
outside the county treasury pool, shall first submit the request for
withdrawal to the county treasurer before withdrawing funds from the
county treasury pool.
(b) The county treasurer shall evaluate each proposed withdrawal
for its consistency with the criteria adopted pursuant to subdivision
(h) of Section 27133. Prior to approving a withdrawal, the county
treasurer shall find that the proposed withdrawal will not adversely
affect the interests of the other depositors in the county treasury
pool.
27137. Nothing in this article shall be construed to allow the
county treasury oversight committee to direct individual investment
decisions, select individual investment advisors, brokers, or
dealers, or impinge on the day-to-day operations of the county
treasury.