Calif. Gov. Davis receives league-backed deposits bill

SACRAMENTO, Calif. – Legislation supported by the California Credit Union League that would give state and local governmental agencies that are already allowed to deposit funds in banks and savings and loans the option of depositing funds in credit unions has cleared the state Senate and is on its way to Gov. Gray Davis for his signature. A.B. 743, by Assemblyman Robert Pacheci (R-City of Industry) was unanimously approved by the state Senate Aug. 27. The Assembly concurred on technical amendments made to the bill Aug. 30. Gov. Davis has 30 days to sign the bill and has indicated he will sign it. A.B. 743 identifies 11 sections of the state education and government codes that address state and local government deposits, and adds CUs where banks and savings and loans are already listed as repositories or investment options for state and local authorities.