The California Debt and Investment Advisory Commission.

Existing law establishes the California Debt and Investment Advisory Commission to, among other things, maintain contact with state and municipal bond issuers, underwriters, investors, and credit rating agencies to improve the market for state and local government debt issues, and assist state and local governments to prepare, market, and sell its new debt issues. Existing law authorizes the commission to charge a fee to a lead underwriter or purchaser, as specified, with the funds collected to be used, upon appropriation, for the expenses of the commission and the Treasurer. This bill would modify the reporting and notice requirements an issuer of debt is required to make to the commission before a proposed sale of debt issue and after a sale of debt issue. This bill would also expand the commission's authorization to charge fees relating to the principal amount of a debt issue to include also charging a fee to a lender, and would remove the authority of the commission to borrow moneys required for the purpose of meeting necessary expenses of the commission. This bill would also make technical, nonsubstantive changes.