California Government Code

§ 5703

GOV § 5703 Effective Jan 1, 2019Div. 6 · Title 1 · Ch. 9

Statute text

(a)Except as provided in subdivisions (b), (c), and (d), the Treasurer, in exercising the duties of agent for offering and selling bonds, whose duties include, among others, establishing the timing of a sale, preparation or approval of the documentation for the sale, sole authority to select the underwriters for negotiating the sale, and executing the bond purchase agreement on behalf of the state or the state’s agencies, is responsible for developing and implementing a competitive process for selection of underwriters for negotiated offerings of bonds. The competitive process may be conducted on a issue-by-issue basis or to establish one or more pools of underwriters for various types of issues. The competitive process shall have at least all of the following features:

(1)Solicitation of written qualifications from at least 20 underwriting firms.

(2)Consideration of the goals for minority and women business enterprise participation in professional bond services contracts.

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Legislative history

Amended by Stats. 2018, Ch. 931, Sec. 1. (SB 1509) Effective January 1, 2019.