Present law creates the state funding board ("board"), which is composed of the governor, the commissioner of finance and administration, the state treasurer, the secretary of state, and the comptroller of the treasury. The board may develop model finance transaction policies for use by public entities, including any exemptions deemed necessary or appropriate from filing requirements. EXEMPTION INFORMATION For filing exemptions, present law requires the board to determine the information to be disclosed, including:  A brief description of the finance transaction.  The issuance, continuing, and one-time costs of the finance transaction.  A brief description of any continuing disclosure obligations with respect to the finance transaction.  A copy of the offering document, if any.  Such other information and in such manner as may be required by the board. This bill removes this list of considerations for the board when deciding what information must be disclosed. This bill simply requires the board to determine the information to be disclosed. DISCLOSURES Present law requires public entities to disclose financial obligations and events of default on the Electronic Municipal Market Access website of the Municipal Securities Rulemaking Board (MSRB), and for those public entities that are not subject to such MSRB obligations, to disclose any event of default to the comptroller of the treasury or the comptroller's designee within 10 business days, in accordance with guidelines approved by the board. This bill requires public entities to also disclose any event of default, covenant violation, or credit rating downgrade to the comptroller of the treasury or the comptroller's designee within 10 business days, in accordance with guidelines approved by the board, regardless of whether or not the entity is subject to MSRB obligations. ON FEBRUARY 27, 2025, THE HOUSE SUBSTITUTED SENATE BILL 114 FOR HOUSE BILL 136 AND RESET SENATE BILL 114.

Statutes affected:
Introduced: 9-21-134(a), 9-21-134, 9-21-134(c)