Gov. Code, § 6590.2 · Article 4. Local Bond Pooling
Gov. Code, § 6590.2
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) An authority shall solicit at least three bids, and select the highest bid, for any guaranteed investment contract purchased with the proceeds of bonds issued by the authority.
(b) (1) Any government securities broker or dealer that sells government securities to an authority shall certify that the purchase price of those securities is equal to the fair market value of those securities.
(2) For purposes of this subdivision, “fair market value” means the price a willing buyer would pay to a willing seller in an arms’ length transaction.
Notes and commentary — not statutory text
History
Added by Stats. 1995, Ch. 229, Sec. 3. Effective July 31, 1995.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=6590.2.
- Text hash
- sha256 f9bbf943fdeef0f9f3055f4ff0b32a1fe648ac50845b096054abbc27af8d1a42
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.