AB 2080 California Assembly · 2025-2026 Regular Session

Investment of funds: delegation to county treasurer.

Summary

Existing law generally authorizes local agencies to invest or reinvest public funds and prescribes rules for that investing or reinvesting. Existing law authorizes a legislative body of a local agency to delegate this authority for a one-year period to the treasurer of the local agency, as specified, and after a delegation, requires the treasurer to make a monthly report of those transactions to the legislative body. Existing law authorizes a county board of supervisors, by ordinance, to delegate this authority to the county treasurer, as specified, and, after a delegation, requires the treasurer to assume this responsibility until the board to either revokes this delegation by ordinance or decides not to renew the one-year period described above. This bill would remove the requirement that a delegation by a county board of supervisors be made by ordinance. The bill would remove the one-year limitation on those delegations, and would remove the requirement that revocation of those delegations be made by ordinance. The bill would condition a delegation on the county investment policy requiring the county treasurer to make monthly and quarterly reports, as specified. This bill would incorporate additional changes to Sections 27000.1 and 53600.5 of the Government Code proposed by SB 1438 to be operative only if this bill and SB 1438 are enacted and this bill is enacted last.

Bill status passed both 4 of 5 stages cleared

Introduction

Feb 2026

Committee Review

Jul 2026

Assembly Passage

May 2026

Senate Passage

Aug 2026

Governor

Introduced Feb 18, 2026 Last action Aug 27, 2026

Maddy AI version diff · 4 comparisons

What changed between versions

08/21/26 - Amended Senate → AB2080 · 1 edit

MINOR

No substantive policy changes were made between these two versions. The diff reflects a conversion from a print-style legislative document format (with line numbers, page headers, and indentation) to a web-based rendering of the same bill text. All legal provisions in Sections 1, 1.5, 2, 2.5, and 3 remain identical.

TECHNICAL

The document was reformatted from a print-style legislative layout (with line numbers, page breaks, and centered headers) to a web-based presentation format with navigation elements, a quick search box, version tracking, and a digest key section.

06/10/26 - Amended Senate → 08/21/26 - Amended Senate · 4 edits · Aug 21, 2026

MODERATE

The August 2026 Senate amendment to AB 2080 removes the requirement that county boards of supervisors set monthly or quarterly reporting requirements in their investment policies after delegating investment authority, and adds conditional sections (1.5 and 2.5) that incorporate overlapping amendments from SB 1438. These new sections only take effect if both bills are enacted by January 1, 2027, and AB 2080 is enacted last, at which point the earlier changes in Sections 1 and 2 would not apply. This is primarily a bill-coordination mechanism to resolve conflicts between two bills amending the same Government Code sections.

Scope change

The bill's scope expanded from amending only Sections 27000.1 and 53607 to also conditionally amend and renumber Section 53600.5 (to 53602), incorporating a broad set of local agency investment rules. The conditional structure means the bill now serves as a coordination vehicle with SB 1438, with its operative effect depending on the relative enactment dates of the two bills.

REQUIREMENT

Removed the requirement that a county board of supervisors set monthly or quarterly reporting requirements in the county investment policy after delegating investment authority to the treasurer (former subdivision (c) of Section 27000.1).

SCOPE

Added new Section 1.5, which conditionally rewrites Section 27000.1 to require delegation and revocation by ordinance and to reference the annual renewal mechanism in Section 53607. This version only becomes operative if both AB 2080 and SB 1438 are enacted and AB 2080 is enacted last.

Added new Section 2.5, which conditionally amends and renumbers Section 53600.5 to Section 53602 of the Government Code, incorporating comprehensive local agency investment rules including fiduciary standards, delivery requirements, maturity limits, prohibited investments (inverse floaters, range notes, interest-only strips), and delegation provisions.

TIMELINE

Added new Section 3 establishing a conditional operative provision: Sections 1.5 and 2.5 only become operative if (1) both AB 2080 and SB 1438 are enacted by January 1, 2027, (2) each bill amends the same sections, and (3) AB 2080 is enacted after SB 1438. In that scenario, Sections 1 and 2 of this bill would not become operative.

Floor votes · Senate Aug 27, 2026 · Assembly May 7, 2026

How they voted

40–0

Passed

Total votes 40

Aug 27, 2026

D Democratic30

30 Yea

100% Yea

R Republican10

10 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Aug 27, 2026

Introduced

In Assembly. Concurrence in Senate amendments pending.

lower

Aug 27, 2026

Upper · Passed

Read third time. Passed. Ordered to the Assembly. (Ayes 40. Noes 0.).

upper

Aug 21, 2026

Upper · Passed

Read third time and amended. Ordered to second reading.

upper

Jul 2, 2026

Upper · Passed

From committee: Do pass. (Ayes 7. Noes 0.) (July 1).

upper

Jun 10, 2026

Introduced

From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on L. GOV.

upper

May 20, 2026

Committee

Referred to Com. on L. GOV.

upper

May 7, 2026

Lower · Passed

Read third time. Passed. Ordered to the Senate. (Ayes 69. Noes 0. Page 4958.)

lower

Mar 25, 2026

Lower · Passed

From committee: Do pass. (Ayes 10. Noes 0.) (March 25).

lower

Mar 17, 2026

Committee

Re-referred to Com. on L. GOV.

lower

Mar 16, 2026

Introduced

From committee chair, with author's amendments: Amend, and re-refer to Com. on L. GOV. Read second time and amended.

lower

Mar 2, 2026

Committee

Referred to Com. on L. GOV.

lower

Feb 19, 2026

Lower · Passed

From printer. May be heard in committee March 21.

lower

1 primary · 0 co-sponsors