California Government Code 53508.9 – (a) Notwithstanding Section 53508.7, a local agency may sell …
(a) Notwithstanding Section 53508.7, a local agency may sell bonds at a negotiated sale for a price at, above, or below par value, as authorized by the legislative body, without further approval, if the legislative body adopts a resolution before the negotiated sale, as an agenda item at a public meeting, that includes all of the following:
(1) Express approval of the negotiated method of sale.
Terms Used In California Government Code 53508.9
- Bonds: means bonds, notes, warrants, or other evidence of indebtedness payable, both principal and interest, from the proceeds of ad valorem taxes that may be levied without limitation as to rate or amount upon property subject to taxation by the legislative body. See California Government Code 53507
- City: includes "city and county" and "incorporated town" but does not include "unincorporated town" or "village. See California Government Code 20
- County: includes city and county. See California Government Code 19
- Legislative body: means the governing body of the issuer. See California Government Code 53507
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
(2) Statement of the reasons for selecting the negotiated method of sale.
(3) Disclosure of the identity of the bond counsel.
(4) Disclosure of the identity of the bond underwriter and the financial adviser, if used for the negotiated bond sale. If a bond underwriter or financial adviser has not been selected at the time the legislative body adopts the resolution, the legislative body shall disclose the identity at the public meeting first occurring after the bond underwriter or financial adviser has been selected.
(5) Estimate of the costs associated with the bond issuance.
(b) For purposes of this section, the following definitions shall apply:
(1) “Legislative body” means the governing body of a local agency.
(2) “Local agency” means a city, county, city and county, and special district. “Special district” means an agency of the state formed for the performance of governmental or proprietary functions within limited geographic boundaries, and shall not include a school district or community college district.
(Added by Stats. 2009, Ch. 529, Sec. 2. (AB 1388) Effective January 1, 2010.)