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50 California Attorney General Reports and Opinions 1 (1967)

handle is hein.sag/sagca0050 and id is 1 raw text is: OPINIONS OF THE ATTORNEY GENERAL OF CALIFORNIA Volume 50 Opinion No. 67-27-July 25, 1967 SUBJECT: BONDS-Bonds by an authority or agency created under the provi- sions of the Joint Powers Act are eligible to secure the deposit of public monies in banks under the provisions of Section 53651(c) of the Government Code. Requested by: ASSEMBLYMAN, 23rd DISTRICT Opinion by: THOMAS C. LYNCH, Attorney General Edmund E. White, Deputy The Honorable John Francis Foran, Assemblyman for the Twenty-Third District, has requested an opinion on the following question: Are bonds by an authority or agency created under the provisions of the Joint Powers Act (Government Code 6500-6514) eligible to secure the deposit of public monies in banks under the provisions of Section 53651(c) of the Government Code? The conclusion is: The question is answered in the affirmative. ANALYSIS The Joint Exercise of Powers Act' basically provides a procedure or manner whereby existing powers may be exercised by cooperative action, rather than granting new powers, see City of Oakland v. Williams, 15 Cal. 2d 542, 549 (1940); 15 Ops. Cal. Atty. Gen. 108 (1950). But in addition to exercising, pursuant to 'Government Code sections 6500-6583 (all section references are to the Government Code). 1

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