CA SB450

Requires governing bodies of public bodies to obtain and disclose bond issuance information in a public meeting prior to authorizing bonds with a term greater than 13 months

Required disclosures include true interest cost, finance charges, net proceeds received, and total payment amount calculated to final maturity

Information must be obtained as good faith estimates from an underwriter, financial adviser, or private lender; for conduit financing, third-party borrowers must provide the information to the public body

Exempts state entities from these requirements and specifies that noncompliance does not affect bond validity

Approved by Governor on October 9, 2017