Bill Text: CA AB621 | 2013-2014 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Local government: bonds.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Engrossed - Dead) 2014-06-25 - In committee: Set, final hearing. Hearing canceled at the request of author. From committee without further action pursuant to Joint Rule 62(a). [AB621 Detail]

Download: California-2013-AB621-Amended.html

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BILL NUMBER: AB 621	AMENDED
	BILL TEXT

	AMENDED IN SENATE  JUNE 4, 2013
	AMENDED IN ASSEMBLY  APRIL 25, 2013
	AMENDED IN ASSEMBLY  MARCH 19, 2013

INTRODUCED BY   Assembly Member Wagner
   (Coauthors: Assembly Members Beth Gaines and Harkey)

                        FEBRUARY 20, 2013

   An act to add Section 53593.5 to the Government Code, relating to
local government.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 621, as amended, Wagner. Local government: bonds.
   Existing law prohibits an investment firm, as defined, from having
specified interests in a new issue of bonds from a local agency.
   This bill would prohibit a local agency from entering into a
financial advisory, legal advisory, underwriting, or similar
relationship with an individual or firm, with respect to a bond issue
that requires voter approval on or after January 1, 2014, if that
individual or  firm, or an employee, agent, or person
related, as defined, to an employee or agent of the individual or
firm,   firm  provided or will provide bond
campaign  services, as defined,   services 
to the bond campaign.  The bill would define certain terms for
those purposes. 
   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 53593.5 is added to the Government Code, to
read:
   53593.5.  (a) A local agency shall not enter into a financial
advisory, legal advisory, underwriting, or other similar relationship
with an individual or firm, with respect to a new issue of bonds
that requires voter approval on or after January 1, 2014, if that
individual or firm  , or an employee, agent, or person
related to an employee or agent of the individual or firm, 
provided or will provide bond campaign services to the bond campaign.

   (b) As used in this section:
   (1) (A) "Bond campaign services" includes fundraising, donation by
the individual or firm to the bond campaign, public opinion polling,
election strategy and management, organization of campaign
volunteers, get-out-the-vote services, development of campaign
literature, and advocacy materials.
   (B) "Bond campaign services" does not include either of the
following:
   (i) Advice and support related to the preparation of tax rate
statements and other documentation required for inclusion in the
voter pamphlet published by the applicable county registrar of
voters.
   (ii) Public opinion polling that is conducted before a bond
measure is placed on the ballot for the purposes of gathering
information regarding, and evaluating the potential for, the adoption
of the bond measure by the electorate. 
   (2)  
    "Related" includes, but is not limited to, a family relationship
by blood or marriage, a financial relationship, an affiliation
between business associations, or business associations with
directors or principals in common.  

   (2) "Individual" means a person engaged in the business of
providing financial advice, legal advice, underwriting, or other
similar services.