(1) Existing law regulates the investment of public funds by local agencies, as defined. Existing law authorizes the legislative body of a local agency, as specified, that has money in a sinking fund or in its treasury not required for the immediate needs of the local agency to invest the money as it deems wise or expedient in certain securities and financial instruments, subject to various requirements. These permissible investments include, among others, commercial paper of "prime" quality of the highest ranking or of the highest letter and number rating as provided for by a nationally recognized statistical rating organization that is issued by entities meeting certain criteria, if the eligible commercial paper has a maximum maturity of 270 days or less. This bill would revise the maximum maturity periods for the investments in prime quality commercial paper to 397 days. Existing law, until January 1, 2026, authorizes local agencies, as specified, that have less than $100,000,000 of investment assets under management to invest no more than 25%, and those local agencies that have $100,000,000 or more of investment assets under management to invest no more than 40%, of their moneys in eligible commercial paper, as specified. Existing law, beginning January 1, 2026, instead authorizes those local agencies regardless of the amount of investment assets they have under management to invest no more than 25% of their moneys in eligible commercial paper, as specified. This bill would instead repeal the former provisions on January 1, 2031, and would postpone the operative date for the latter provisions until January 1, 2031. Existing law prohibits a local agency from investing specified public funds in any security that could result in zero-interest accrual if held to maturity, as specified. Existing law, until January 1, 2026, authorizes a local agency as an exception to that provision to invest in securities issued by, or backed by, the United States government that could result in zero-interest accrual if held to maturity, as specified. This bill would instead repeal the above-described exception on January 1, 2031. (2) Existing law requires the Controller to annually compile, publish, and make publicly available on the Controller's website reports of the information concerning financial transactions and annual compensation of each county, city, and school district within the state, as specified. If an officer of a local agency fails or refuses to make and file their financial report within 20 days after receipt of a written notice of the failure from the Controller, existing law requires that officer or local agency to forfeit to the state a specified amount depending on the amount of total revenue of that local agency. This bill would instead require that forfeiture if the officer fails or refuses to make and file their financial report within 10 months after the end of the local agency's fiscal year, or within the time prescribed by the Controller, whichever is later.