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Cal. Gov. Code § 13470

State School Funds

Applied in 1 court decision — leading case 123 Cal. App. 3d 932 - Diachenko v. State of California (1981)

Most recently applied in 123 Cal. App. 3d 932 - Diachenko v. State of California (September 1981)

Amended by Stats. 1951, Ch. 1708.

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).

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.