As far as possible, all money belonging to, or in the custody of, a local agency, including money paid to the treasurer or other official to pay the principal, interest, or penalties of bonds, shall be deposited for safekeeping in state or national banks, savings associations, federal associations, credit unions, or federally insured industrial loan companies in this state selected by the treasurer or other official having legal custody of the money; or may be invested in the investments set forth in Section 53601. To be eligible to receive local agency money, a
bank, savings association, federal association, or federally insured industrial loan company shall have received an overall rating of not less than “satisfactory” in its most recent evaluation by the appropriate federal financial supervisory agency of its record of meeting the credit needs of California’s communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code. Sections 53601.5 and 53601.6 shall apply to all investments that are acquired pursuant to this section.
53630
53630.1
53630.5
53631
53632
53632.5
53633
53634
53635
53635.2
53635.7
53635.8
53636
53637
53638
53639
53640
53641
53642
53643
53644
53645
53646
53647
53647.5
53648
53648.5
53649
53651
53651.2
53651.4
53651.6
53652
53653
53654
53655
53656
53657
53658
53659
53660
53661
53663
53664
53665
53666
53667
53669
53676
53678
53679
53679.1
53680
53681
53682
53683
53684
53686
53630.1
53630.5
53631
53632
53632.5
53633
53634
53635
53635.2
53635.7
53635.8
53636
53637
53638
53639
53640
53641
53642
53643
53644
53645
53646
53647
53647.5
53648
53648.5
53649
53651
53651.2
53651.4
53651.6
53652
53653
53654
53655
53656
53657
53658
53659
53660
53661
53663
53664
53665
53666
53667
53669
53676
53678
53679
53679.1
53680
53681
53682
53683
53684
53686