§ 1899.510. Tbe List.

(a) The Treasurer shall compile a list of TBEs that meet the requirements of Government Code section 16851(g) and (i) and the requirements of Military and Veterans Code section 999(g). The list shall be organized by the types of professional bond services (e.g., underwriters, bond counsels, financial advisors). The list shall be known as the “TBE List.”

(b) To be certified as an “Underwriter” on the TBE List, the firm must demonstrate, to the satisfaction of the Treasurer, that the firm:

(1) is licensed as a “broker/dealer” by the federal Securities and Exchange Commission;

(2) is licensed as a “broker/dealer” by all states in which the firm effects transactions in securities and which require such licensing and

(3) is a member of the National Association of Securities Dealers (NASD).

(c) Wholly-owned corporate subsidiaries of corporations shall be eligible for certification as TBEs only if the parent corporation is certified as a TBE. Subsidiaries of certified TBE corporations that are not wholly-owned by the certified TBE corporation shall be ineligible for certification on the TBE List.

(d) Only annual monies expended for professional bond services provided by TBEs included on the TBE List shall be counted for purposes of the participation goals established by section 16850 of the Government Code, section 999.1 of the Military and Veterans Code and section 1899.522 of these regulations.

(e) The TBE List shall also be used as the list of TBEs entitled to notice under Government Code section 16852(a) or Military and Veterans Code section 999.3(a).

HISTORY

1. New section filed 4-10-89 as an emergency; operative 4-10-89 (Register 89, No. 15). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 8-8-89.

2. Certificate of Compliance transmitted to OAL 8-8-89 and filed 9-7-89 (Register 89, No. 40).

3. Amendment filed 6-19-91; operative 6-19-91 (Register 91, No. 42).

Note

Note: Authority cited: Section 16853, Government Code; Sections 999.3 and 999.5, Military and Veterans Code. Reference: Sections 16850-16853, Government Code; Sections 999-999.5, Military and Veterans Code.