By: @Marcus Detwiler
California laws grant some types of special districts the authority to establish their own alternative depositaries, providing those districts with access to higher interest-bearing accounts and an increased degree of autonomy over their district funds. Other districts lack this type of authority.
An example of a district type with the authority to establish these depositaries is community services districts, which can establish such a depositary pursuant to the provisions of California Government Code section 61053. The power of a community services district to establish this depositary is contingent on the observation of various substantive and procedural requirements, including the passage of a board resolution containing specified information, the establishment of a mutually acceptable date for the withdrawal of the district’s money from the county treasury, not to exceed 15 months from the date on which the board of directors adopts its resolution, and the requirement that the district treasurer make quarterly or more frequent written reports to the board of directors, as determined by the board of directors, regarding the receipts and disbursements and balances in the accounts controlled by the district treasurer, among other requirements. Similar code sections pertaining to different district types likewise have various requirements those districts must observe.
CSDA is interested in hearing from districts without the authority to establish their own alternative depositary if there has been or had been interest in establishing such a depositary at the district; CSDA would like to know if districts have been precluded from opportunities that those districts may have otherwise pursued if they had the authority in the first place. If these situations apply to your district, please consider filling out this survey.
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