SECTIONS 13470-13474 - California Statutes

GOVERNMENT CODE

SECTION 13470-13474

13470. Whenever there is in the treasury to the credit of the
Unclaimed Property Fund the sum of twenty thousand dollars ($20,000)
or more, the Director of Finance shall invest all but ten thousand
dollars ($10,000) in the bonds specified in this article. No
investment shall be made which will reduce the uninvested portion of
the fund below the amount of ten thousand dollars ($10,000), and
whenever a demand presented against the fund will reduce the amount
of cash therein below ten thousand dollars ($10,000), the director
shall sell such bonds belonging to the fund as he deems proper, so as
to restore the cash retention of ten thousand dollars ($10,000).

13472. Investments under this article may be made in bonds of this
State, of the United States, or of any county, permanent road
district, city, school district, metropolitan water district, or
municipal utility district of this State. Investment of school land
proceeds may also be made in bonds of irrigation districts of this
State.

13473. The investments shall be made in such manner and on such
terms as the director deems best for such fund.

13474. All bonds purchased under this article shall be delivered to
the Treasurer, who shall credit the interest to the State School
Fund, when collected.