SB 595: Local government: investments and financial reports.

This bill revises the rules for local government investments, allowing local agencies to invest in prime quality commercial paper for up to 397 days. It also repeals the previous limits on investment percentages, which were 25% for local agencies with less than $100,000,000 in assets under management and 40% for those with $100,000,000 or more. The bill also repeals an exception allowing investments in zero-interest U.S. government securities and postpones the operative date for the new limits to January 1, 2031. The bill also changes the rules for reporting financial transactions and annual compensation, requiring officers to file their financial reports within 10 months after the end of the fiscal year or within the time prescribed by the controller, whichever is later. Additionally, the bill repeals the penalties for failing to file financial reports, which would have resulted in for…