AB 1480: Local government: County of Orange.

The bill aims to improve the governance and transparency of the Orange County Investment Fund. It requires the local official in charge of the fund to meet the same qualifications as the county treasurer-tax collector, starting from January 1, 2026. Additionally, the county executive office must prepare an annual statement of assets in the fund, making it available to the public and submitting it to investors and the legislature. The bill also makes findings and declarations about the necessity of a special statute for the county of Orange. If the commission on state mandates determines that the bill contains costs mandated by the state, reimbursement for those costs will be made according to the statutory provisions. This bill is intended to provide a special statute for the county of Orange, which is a legal subdivision of the state.