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California Education Code Section 76063

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The funds of any student body organization established in
the public schools of any community college district shall, subject
to approval of the governing board of the district, be deposited or
invested in one or more of the following ways:
   (a) Deposits in trust accounts of the centralized State Treasury
system pursuant to Sections 16305 to 16305.7, inclusive, of the
Government Code or in a bank or banks whose accounts are insured by
the Federal Deposit Insurance Corporation.
   (b) Investment certificates or withdrawable shares in
state-chartered savings and loan associations and savings accounts of
federal savings and loan associations, if the associations are doing
business in this state and have their accounts insured by the
Federal Savings and Loan Insurance Corporation and if any money so
invested or deposited is invested or deposited in certificates,
shares, or accounts fully covered by the insurance.
   (c) Purchase of  any of the securities authorized for investment
by Section 16430 of the Government Code or investment by the
Treasurer in those securities.
   (d)  Participation in funds that are exempt from federal income
tax pursuant to Section 501(c)(3) of the Internal Revenue Code and
that are open exclusively to nonprofit colleges, universities, and
independent schools.
   (e) Investment certificates or withdrawable shares in federal or
state credit unions, if the credit unions are doing business in this
state and have their accounts insured by the National Credit Union
Administration and if any money so invested or deposited is invested
or deposited in certificates, shares, or accounts fully covered by
the insurance.
   The funds shall be expended subject to  procedures that may be
established by the student body organization subject to the approval
of each of the following three persons, which shall be obtained each
time before any of  the funds may be expended:  an employee or
official of the community college district designated by the
governing board, the certificated employee who is the designated
adviser of the particular student body organization, and a
representative of the particular student body organization.

Last modified: January 12, 2009