For the purposes of this article:
(a) “Local agency” means a county, city, city and county, redevelopment agency, public district, joint powers authority, or public nonprofit corporation.
(b) “Securities” means any bonds, notes, warrants, or other evidences of indebtedness and the interest coupons, if any, attached thereto, issued or proposed to be issued to finance or refinance a public project.
(c) “Issuer” means a local agency which issues securities.
(d) “Broker” has the same meaning as “broker-dealer” as defined in Section 25004 of the Corporations Code.
(e) “Dealer” has the same meaning as “broker-dealer” as defined in Section 25004 of the Corporations Code.
(f) “Municipal securities dealer” means any person, including a separately identifiable department or division of a bank, trust company, or savings and loan association engaged in the business of buying and selling municipal securities for his or her own account, through a broker or otherwise, but does not include any of the following:
(1) Any person insofar as he or she buys or sells those securities for his or her own account, either individually or in some fiduciary capacity, but not as a part of a regular business.
(2) A bank, trust company, or savings and loan association, unless the bank, trust company, or savings and loan association is engaged in the business of buying and selling municipal securities for its own account other than in a fiduciary capacity, through a broker or otherwise, unless the bank, trust company or savings and loan association is engaged in that business through a separately identifiable department or division, in which case the department or division, and not the bank, trust company, or savings and loan association, is the municipal securities dealer.
(Amended by Stats. 1981, Ch. 496, Sec. 1.)
Last modified: October 25, 2018