82-4

July 13, 1982

Re: Investment of Local Agency Funds

Dear Mr. ________:

This will respond to your letter of May 10, 1982 in which you requested our opinion whether Government Code Section 53635 would permit your city to invest in a money market fund which was limited to investments in U.S. Government obligations.

Neither the Superintendent of Banks nor the Administrator of Local Agency Security of the State of California is empowered to interpret or enforce Government Code Section 53635. ________ could more properly give an opinion regarding the legality of this investment.

We regret that we are unable to be of assistance to you.

Very truly yours,

RICHARD M. DOMINGUEZ
Superintendent of Banks

By

ALIDA R. BUCHANAN
Counsel

ARB:jo