2010 California Code
Public Utilities Code
Article 8. Investments

30730.  The board may, by resolution, order that any of the moneys
in the funds under its control which are not necessary for current
operating expenses be invested in any obligations, bonds or
securities in which a county could invest such funds; provided,
however, that (1) any such investments shall be made in such a manner
that the moneys in such funds will be available at the times and in
the amounts necessary to accomplish the purpose for which said funds
where established, and (2) no such investment shall be made in
contravention of any provision or covenant in any proceedings for the
authorization and issuance of bonds, notes, contracts or other
evidences of indebtedness.