Local agencies: general obligation bonds.

(1) Existing law requires, subject to a specific exception, the annual payments of principal and interest on bonds issued by a local agency, as defined, to be structured to amortize so that the maximum annual debt service payment on the bonds does not exceed the minimum annual debt service payment by more than 10%. This bill would repeal this provision. (2) Existing law authorizes cities, counties, school districts, community college districts, and special districts to issue and refund general obligation bonds secured by a general tax levy and prescribes the procedures for this purpose. Existing law requires that the bonds be sold at a public or private sale. This bill would impose specific duties on a legislative body to disclose information to the public and the California Debt and Investment Advisory Commission after it issued bonds under these provisions. This bill would also authorize a local agency, as defined, to issue bonds, without further approval, at a negotiated sale for a price at, above, or below par value, if the legislative body of the local agency adopts a specified resolution that includes certain disclosures before the negotiated sale.