Bill Text: CA SB799 | 2009-2010 | Regular Session | Introduced

California Senate Bill 799 (Prior Session Legislation)

Introduced

Bill Title: Local agencies: bonds.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-02-01 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB799 Detail]

Download: California-2009-SB799-Introduced.html

BILL NUMBER: SB 799	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Wiggins

                        FEBRUARY 27, 2009

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


	LEGISLATIVE COUNSEL'S DIGEST


   SB 799, as introduced, Wiggins. Local agencies: bonds.
   Existing law prohibits an investment firm, as defined, from having
specified interests in a new issuance 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, 2010, 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, as defined, to the bond campaign.
   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 is prohibited 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, 2010, 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) For purposes of this section, "related" includes, but is not
limited to, a family relationship by blood or marriage, a financial
relationship, an affiliation between business structures, or the
sharing of one or more common principals.
   (c) For purposes of this section, "bond campaign services"
includes fundraising, public opinion polling, election strategy and
management, organization of campaign volunteers, get out the vote
services, development of campaign literature, and advocacy materials.
"Bond campaign services" does not include 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.