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AB-1480 • 2026

Local government: County of Orange.

Local government: County of Orange.

Education Taxes
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Valencia
Last action
2026-02-02
Official status
From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
Effective date
Not listed

Plain English Breakdown

The official source does not provide specific details about the content and format of the annual report.

Orange County Investment Fund Requirements

AB-1480 sets new requirements for officials managing the Orange County Investment Fund and mandates annual public reporting of fund assets.

What This Bill Does

  • Requires local officials in Orange County overseeing the Orange County Investment Fund, who are elected or appointed on or after January 1, 2026, to meet the same minimum qualifications as the Treasurer-Tax Collector of the County of Orange.
  • Establishes that members of the Audit Oversight Committee appointed to the committee on or after January 1, 2026, must meet the same minimum qualifications as the prior Treasury Oversight Committee members.
  • Requires the County Executive Office to prepare and publish an annual statement of assets in the Orange County Investment Fund by July 1, 2026, and every year thereafter.

Who It Names or Affects

  • Officials managing the Orange County Investment Fund in Orange County.
  • Members of the Audit Oversight Committee in Orange County.
  • The public and investors who will receive annual reports about the fund's assets.

Terms To Know

Orange County Investment Fund
A financial fund managed by officials in Orange County, California.
Audit Oversight Committee
A committee responsible for overseeing the audit of the Orange County Investment Fund.

Limits and Unknowns

  • The bill does not specify what happens if an official or committee member does not meet the new qualifications.
  • It is unclear how much additional funding will be required to implement these changes.
  • The exact content and format of the annual report are not detailed in this summary.

Bill History

  1. 2026-02-02 California Legislative Information

    From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. 2026-01-31 California Legislative Information

    Died pursuant to Art. IV, Sec. 10(c) of the Constitution.

  3. 2025-04-02 California Legislative Information

    In committee: Hearing postponed by committee.

  4. 2025-04-01 California Legislative Information

    Re-referred to Com. on L. GOV.

  5. 2025-03-28 California Legislative Information

    From committee chair, with author's amendments: Amend, and re-refer to Com. on L. GOV. Read second time and amended.

  6. 2025-03-28 California Legislative Information

    Referred to Com. on L. GOV.

  7. 2025-02-24 California Legislative Information

    Read first time.

  8. 2025-02-22 California Legislative Information

    From printer. May be heard in committee March 24.

  9. 2025-02-21 California Legislative Information

    Introduced. To print.

Official Summary Text

AB 1480, as amended, Valencia.
Local agencies: legislative bodies.
Local government: County of Orange.
The California Constitution provides that the state is divided into counties, which are legal subdivisions, and requires, among other things, that the Legislature provide for an elected governing body in each county. Existing law requires the income and revenue paid into the county treasury to be at once appropriated to and kept in separate funds.
This bill would require the local official in the County of Orange charged with the authority to execute decisions on the Orange County Investment Fund who is elected or appointed on or after January 1, 2026, to meet the same minimum qualifications of the Treasurer-Tax Collector of the County of Orange, and any member of the Audit Oversight Committee of the County of Orange appointed to the committee on or after
January 1, 2026, to meet the same minimum qualifications of the members of the prior Treasury Oversight Committee of the County of Orange.
The bill would require the County Executive Office of the County of Orange, no later than July 1, 2026, and on or before July 1 of each year thereafter, to prepare an annual statement of assets in the Orange County Investment Fund that is made available to the public and submitted to investors of the fund and the Legislature, as specified. By imposing additional duties on the county or county officers, this bill would impose a state-mandated local program.
The bill would make findings and declarations relating to these provisions.
This bill would make legislative findings and declarations as to the necessity of a special
statute for the County of Orange.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above.
Existing law defines the term “legislative body” for purposes of laws relating to cities, counties, and other local agencies.
This bill would make a nonsubstantive change to that definition.

Current Bill Text

Read the full stored bill text 
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