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(i)TheTreasurermayinvestthemoneyofthefundinsecuritiesprescribedinSection16430.TheTreasurer <br />mayelecttohavethemoneyofthefundinvestedthroughtheSurplusMoneyInvestmentFundasprovided <br />inArticle 4 (commencingwithSection16470)ofChapter3. <br />(j)Moneyinthefundshallbeinvestedtoachievetheobjectiveofthefundwhichistorealize themaximum <br />returnconsistentwithsafeandprudenttreasurymanagement. <br />(k)AllinstrumentsoftitleofallinvestmentsofthefundshallremainintheTreasurer’svaultorbeheldin <br />safekeepingundercontroloftheTreasurerinanyfederalreservebank,oranybranchthereof,orthe <br />FederalHomeLoanBankofSanFrancisco,withanytrustcompany,orthetrustdepartmentofanystateor <br />nationalbank. <br />(l)Immediatelyattheconclusionofeachcalendarquarter,allinterestearnedandotherincrementderived <br />frominvestmentsshallbedistributedbytheControllertothecontributinggovernmentalunitsortrusteesor <br />fiscalagents,nonprofitcorporations,andquasi-governmentalagenciesinamountsdirectlyproportionateto <br />therespectiveamountsdepositedintheLocalAgencyInvestmentFundandthelengthoftimetheamounts <br />remainedtherein.Anamountequaltothereasonable costs incurredincarryingouttheprovisionsofthis <br />section, notto exceed a maximumof 5 percentoftheearningsofthisfundandnotto exceed theamount <br />appropriatedintheannualBudget Act forthisfunction,shallbedeductedfromtheearningspriorto <br />distribution.However,ifthe13-weekDailyTreasuryBillRate,aspublishedbytheUnitedStatesDepartment <br />oftheTreasuryonthelastdayofthestate’sfiscalyearisbelow 1 percent,thentheabove-notedreasonable <br />costs shallnot exceed a maximumof 8 percentoftheearningsofthisfundforthesubsequentfiscalyear, <br />shallnotexceedtheamountappropriatedintheannualBudget Act forthisfunction,andshallbededucted <br />fromtheearningspriortodistribution.Theamountofthedeductionshallbecreditedasreimbursementsto <br />thestateagencies,includingtheTreasurer,theController,andtheDepartmentofFinance,havingincurred <br />costs incarryingouttheprovisionsofthissection. <br />(m)TheTreasurershallpreparefordistribution a monthlyreportofinvestmentsmadeduringthepreceding <br />month. <br />(n)Asusedinthis section, “localagency,”“localgovernmentalunit,”and“localgovernmentalofficial” <br />includes a campusorotherunitandanofficial,respectively,oftheCaliforniaStateUniversitywhodeposits <br />moneysinfundsdescribedinSections89721,89722,and89725oftheEducationCode. <br />(AmendedbyStats.2014,Ch.28,Sec. 39.EffectiveJune20,2014.) <br />*´«¸ ΐǾ ΑΏΐ9- <br />C¨³¸ ®¥ 3 ­³  ȃ !­­´ « <br />0 ¦¤ 27 <br />3³ ³¤¬¤­³ ®¥ )­µ¤²³¬¤­³ 0®«¨¢¸*´­¤ ΒΏǾ ΑΏ20 <br /> <br />