BILL NUMBER: AB 2080	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Hernandez

                        FEBRUARY 18, 2010

   An act to amend Section 53508.9 of the Government Code, relating
to bonds.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 2080, as introduced, Hernandez. Bonds: local agencies.
   Existing law regulates the sale of securities by local agencies.
Existing law permits specified local agencies to 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 sale, as an agenda
item at a public meeting, that includes specified items.
   This bill would make a nonsubstantive, technical change to these
provisions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 53508.9 of the Government Code is amended to
read:
   53508.9.  (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.
   (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 
 does  not include a school district or community college
district.