Section 1899.501 - DefinitionsThe terms used in this subchapter shall have the meanings described in Government Code section 16851 and Military and Veterans Code section 999. In addition, the following definitions apply to terms used in Government Code sections 16850- 16853, Military and Veterans Code sections 999- 999.5 and this subchapter:
(a) "Disabled Veteran" means a veteran of the military, naval, or air service of the United States with a service-connected disability (without regard to level of disability, as determined by the U.S. Department of Veterans Affairs or the U.S. Department of Defense and as evidenced by an official written document issued in the name of the veteran by either of those federal agencies) who is a resident of the State of California.(b) "Management and Control" means exercising the power to make policy decisions.(c) "Financing team" means the specific group of professional bond services underwriting firm(s) working on a bond sale consisting of the senior managing underwriter(s), co-managers, management group and selling syndicate.(d) "Goal" means the annual percentage of total monies expended for professional bond services that, in accordance with statutory requirements, should be expended for TBE professional bond services.(e) "Good Faith Effort" means, for purposes of complying with the Treasurer's participation goals for disabled veteran business enterprises ("DVBEs") that the contractor complied with either (I), (II) or (III) as described below:(I) At least one DVBE firm participated on the financing team for the subject bond sale and the level of participation is in accordance with the Treasurer's DVBE participation goals; OR(II)(A) Contact was made with the Treasurer's Office to identify certified DVBE firm(s); and(B) At least one certified DVBE firm was invited to participate on the financing team; OR(III) The financing team was formed under the specific direction of the Treasurer's Office.(f) "Joint Venture" means a union of two or more professional bond services firms for the purpose of providing services for a particular debt financing of the State of California.(g) "Professional bond services" means services directly participating in the issuance and sale of bonds including, but not limited to, financial advisors, bond counsel, underwriters, underwriter's counsel, financial printers, feasibility consultants, accountants and auditors. "Professional bond services" shall not include ancillary services such as trustee, paying agent, depository, rating agency, credit enhancement provider, investment or escrow services for proceeds of the sale of bonds.(h) "Subcontract" means an agreement or arrangement between a contractor and any person (in which the parties do not stand in the relationship of employer and employee) under which any portion of the contractor's obligation under one or more contracts is performed, undertaken or assumed.(i) "TBE" means a target business enterprise which collectively shall include minority-owned business enterprises (MBEs) as defined in Government Code section 16851(g), women-owned business enterprises (WBEs) as defined in Government Code section 16851(i) and disabled veteran business enterprises (DVBEs) as defined in Military and Veterans Code section 999(g).(j) "Treasurer" means the Treasurer of the State of California.(k) "Underwriter's discount" means the difference between the price the underwriter pays the issuer for the bonds and the price at which the underwriter sells the bonds to investors. For program reporting purposes, the following terms shall have the specified definitions: (1) Management Fee -- a fee paid to the managing and co-managing underwriters for handling the affairs of the underwriting syndicate;(2) Takedown -- the income (including income derived from designated and group sales) derived by the selling broker or dealer from the sale of the bonds excluding identified concessions passed through the syndicate or selling group to an investor;(3) Risk -- the amount of compensation for risks incurred by the underwriter in underwriting the bond issue, relating to the difficulty of marketing the issue, bond market conditions, and the amount of bonds remaining to be sold after the execution of the bond purchase agreement.(4) Expenses -- the amount of expenses incurred by the underwriter(s) for "professional bond services."(l) "Year" means calendar year.Cal. Code Regs. Tit. 2, § 1899.501
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: Authority cited: Section 16853, Government Code; Section 999.5, Military and Veterans Code. Reference: Sections 16850- 16853, Government Code; Sections 999- 999.5, Military and Veterans Code.
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).