91570. (a) The commission established by Article 3 (commencing with
Section 91550) shall review each issue of bonds and shall determine
whether the issue is qualified for issuance under the provisions of
this article. Upon failure of the commission to make determinations,
the authority shall do so in its stead as provided in subdivision (d)
of Section 91531.
(b) No bonds shall be delivered by an authority in return for the
purchase price unless the bond issue has been qualified under this
article and no notification of the suspension or revocation of that
qualification has been received by the authority which has not been
vacated or modified so that the bonds qualify for issuance.
91571. (a) All issues of bonds may be qualified for issuance under
this section.
(b) The commission may refuse to qualify an issue unless it finds
that the proposed issuance is fair, just, and equitable to a
purchaser of the bonds, and that the bonds proposed to be issued and
the methods to be used by an authority in issuing them are not such
as, in its opinion, will work a fraud upon the purchaser thereof.
(c) The commission may impose when qualifying an issue under this
section conditions imposing a legend condition restricting the
transferability thereof, impounding the proceeds from the sale
thereof, or any other condition, if the commission finds that without
the condition the issuance will be unfair, unjust, or inequitable to
a purchaser of the bonds. The commission may in its discretion
modify or remove any of the conditions when, in its opinion, they are
no longer necessary or appropriate.
(d) The commission may refuse to qualify an issue of bonds under
this section that is proposed to be issued in exchange for one or
more outstanding bonds, or bonds and claims, or partly in the
exchange and partly for cash or property, unless it approves the
terms and conditions of the issuance and exchange and the fairness of
the terms and conditions, and may hold a hearing upon the fairness
of the terms and conditions, at which all persons to whom it is
proposed to issue bonds or to deliver any other consideration in the
exchange have the right to appear.
(e) The commission may refuse to qualify an issue unless it finds
that the bonds issued in connection with the project by the authority
will be adequately secured and the revenues and other funds
applicable to the payment of the bonds are, or upon the acquisition
of the facilities that the bonds finance, will be sufficient to pay
the principal of and the interest on the bonds.
(f) The commission may refuse to qualify an issue of bonds
proposed pursuant to Section 1401 of the American Recovery and
Reinvestment Act of 2009 (Public Law 111-5), or any amendments
thereto, unless it finds that the issuer has approved the issuance of
bonds for the project pursuant to a resolution in compliance with
the American Recovery and Reinvestment Act of 2009 and that the
project meets the criteria established by the American Recovery and
Reinvestment Act of 2009.
(g) (1) The commission may establish one or more reserve funds to
provide financial assistance to businesses on behalf of issuers of
qualifying bond issues. The reserve may be established and
replenished with grants, allocations, reimbursements, appropriations,
awards, or other funds from federal, state, or nonprofit agencies,
programs, or sources. The commission shall adopt criteria and
procedures for funding cost of issuance for qualifying bond issues
through a secure fund under this subdivision. The commission shall
not levy taxes or impose fees, except the fees as authorized by this
act.
(2) The commission may establish one or more reserve funds to
provide financial assistance, the form of which may be, but is not
limited to, any of the following:
(A) Payments of part or all of the cost of acquiring letters of
credit for qualified bonds.
(B) Payments of part or all of the cost of acquiring insurance for
qualified bonds.
(C) Payments of part or all of the cost of acquiring guarantees
for qualified bonds.
(D) Payments of part or all of the cost of acquiring other forms
of credit support for qualifying bonds.
(E) Payments of part or all of the cost of issuance for qualified
bonds.
(3) Each reserve fund established pursuant to this subdivision
shall be deposited in a special account established by the
Controller. Notwithstanding any other law, and subject to any
requirements of federal tax law or regulations relative to
maintaining the tax-exempt status of the obligations of any qualified
bonds, all interest or other gains earned by investment or deposit
of money in the special account pursuant to any provision of Part 2
(commencing with Section 16300) of Division 4 of Title 2 or pursuant
to any other provision of law shall be credited to, and deposited in,
the account.
(4) Any funds of the commission, including proceeds from the sale
of bonds or notes issued on or after January 1, 2010, money set aside
for the commission's administrative expenses, and reserve funds
created under this subdivision, may be invested in any obligations of
any state or local government including mutual funds, trusts, and
similar instruments representing a pool of obligations. The Treasurer
may adopt regulations providing appropriate investment standards for
these investments. If the Treasurer determines it is necessary to
ensure compliance with federal tax laws or regulations, the
commission may, notwithstanding any other law, deposit funds received
as fees from the issuance of obligations or received as reserve
funds pursuant to this subdivision, with a bank or trust company
acting on behalf of the authority.
91572. (a) Prior to the delivery by an authority of any bonds of an
issue in return for the purchase price, the commission may summarily
suspend any qualification of the issue pending final determination
of any proceeding under this section. Upon the taking of that action,
the commission shall promptly notify each person specified in
subdivision (b) of the action and of the reasons therefor and that
upon the receipt of a written request of the authority the matter
will be set for hearing to commence within 20 business days after
that receipt unless the authority consents to a later date. If no
hearing is requested within 35 business days of notification to the
authority of the taking of that action, and none is ordered by the
commission, the commission may summarily revoke the qualification,
pending which the suspension shall remain in effect. If a hearing is
requested or ordered, the commission, after notice and hearing in
accordance with subdivision (b), may modify or vacate the suspension
or extend it until final determination.
(b) The authority, the company, and the underwriter and the
proposed purchaser, if any, shall be notified of the taking of action
pursuant to subdivision (a) and of the opportunity of the authority
for a hearing thereon before the commission.
(c) Prior to the delivery by an authority of any bonds of an issue
in return for the purchase price, the commission may revoke any
qualification if it finds that the proposed issuance is not fair,
just, or equitable to a purchaser of the bonds, or that the bonds
proposed to be issued or the method to be used by an authority in
issuing them will tend to work a fraud upon the purchaser thereof.
(d) The commission may vacate or modify a suspension or revocation
of qualification if it finds that the reasons for the suspension or
revocation do not or no longer exist or that the reasons which do
exist are not those which support a conclusion that the proposed
issuance is not fair, just, or equitable to a purchaser of the bonds,
or that the bonds proposed to be issued or the method to be used by
an authority in issuing them will tend to work a fraud upon the
purchaser thereof.
91573. (a) (1) The aggregate amount of bonds qualified pursuant to
this title in each calendar year shall not exceed three hundred fifty
million dollars ($350,000,000) of the tax-exempt bonds and three
hundred fifty million dollars ($350,000,000) of taxable bonds, per
calendar year, commencing January 1, 1987. Until October 1 of each
year, a minimum of 10 percent of the aggregate amount of taxable bond
authority and a minimum of 10 percent of the aggregate amount of
tax-exempt bond authority shall be reserved for projects located in
enterprise zones pursuant to subdivision (d) of Section 7073 and
program areas pursuant to subdivision (i) of Section 7082. Any unused
portion of the above reserved amounts as of October 1 of each year
shall be made available for projects without regard to enterprise
zones and program areas.
(2) The limitation on the aggregate amount of bonds authorized
pursuant to this title in paragraph (1) does not apply to bonds for
projects supported by funds received from the federal government
pursuant to the federal American Recovery and Reinvestment Act of
2009 (Public Law 111-5).
(b) Each authority shall file with the commission reports at those
times that are required by the commission, setting forth with
respect to each project the bonds of an issue qualified by the
commission or the authority, the bonds that have been issued and the
dates of delivery and receipt of the purchase prices thereof, and the
passage of the period or periods for lapse of qualification.
(c) Bonds may be delivered in return for the purchase price within
a six-month period of the making of the determinations required to
be made pursuant to Section 91531 or the making of the last
determinations to be made pursuant to Section 91532, unless extended
for a definite period by further commission action or further
authority action in the event the determinations were made by an
authority pursuant to subdivision (d) of Section 91531. The unissued
amount of a qualification lapses upon the expiration of such period
or periods.
91574. (a) Neither (1) the fact that an application for
qualification has been filed nor (2) the fact that an issue of bonds
has been qualified constitutes a finding by the authority or
commission that any document filed in connection with the
qualification is true, complete, or not misleading. No such fact
means that the commission has passed in any way upon the merits of or
recommended or given approval to any issue of bonds except as
provided in subdivision (d) of Section 91571.
(b) It is unlawful to make or cause to be made to any purchaser
any representation inconsistent with subdivision (a).
(c) Every notification of qualification issued by the commission
shall recite that the qualification is permissive only, and does not
constitute a recommendation or endorsement of the bonds so qualified.
91570. (a) The commission established by Article 3 (commencing with
Section 91550) shall review each issue of bonds and shall determine
whether the issue is qualified for issuance under the provisions of
this article. Upon failure of the commission to make determinations,
the authority shall do so in its stead as provided in subdivision (d)
of Section 91531.
(b) No bonds shall be delivered by an authority in return for the
purchase price unless the bond issue has been qualified under this
article and no notification of the suspension or revocation of that
qualification has been received by the authority which has not been
vacated or modified so that the bonds qualify for issuance.
91571. (a) All issues of bonds may be qualified for issuance under
this section.
(b) The commission may refuse to qualify an issue unless it finds
that the proposed issuance is fair, just, and equitable to a
purchaser of the bonds, and that the bonds proposed to be issued and
the methods to be used by an authority in issuing them are not such
as, in its opinion, will work a fraud upon the purchaser thereof.
(c) The commission may impose when qualifying an issue under this
section conditions imposing a legend condition restricting the
transferability thereof, impounding the proceeds from the sale
thereof, or any other condition, if the commission finds that without
the condition the issuance will be unfair, unjust, or inequitable to
a purchaser of the bonds. The commission may in its discretion
modify or remove any of the conditions when, in its opinion, they are
no longer necessary or appropriate.
(d) The commission may refuse to qualify an issue of bonds under
this section that is proposed to be issued in exchange for one or
more outstanding bonds, or bonds and claims, or partly in the
exchange and partly for cash or property, unless it approves the
terms and conditions of the issuance and exchange and the fairness of
the terms and conditions, and may hold a hearing upon the fairness
of the terms and conditions, at which all persons to whom it is
proposed to issue bonds or to deliver any other consideration in the
exchange have the right to appear.
(e) The commission may refuse to qualify an issue unless it finds
that the bonds issued in connection with the project by the authority
will be adequately secured and the revenues and other funds
applicable to the payment of the bonds are, or upon the acquisition
of the facilities that the bonds finance, will be sufficient to pay
the principal of and the interest on the bonds.
(f) The commission may refuse to qualify an issue of bonds
proposed pursuant to Section 1401 of the American Recovery and
Reinvestment Act of 2009 (Public Law 111-5), or any amendments
thereto, unless it finds that the issuer has approved the issuance of
bonds for the project pursuant to a resolution in compliance with
the American Recovery and Reinvestment Act of 2009 and that the
project meets the criteria established by the American Recovery and
Reinvestment Act of 2009.
(g) (1) The commission may establish one or more reserve funds to
provide financial assistance to businesses on behalf of issuers of
qualifying bond issues. The reserve may be established and
replenished with grants, allocations, reimbursements, appropriations,
awards, or other funds from federal, state, or nonprofit agencies,
programs, or sources. The commission shall adopt criteria and
procedures for funding cost of issuance for qualifying bond issues
through a secure fund under this subdivision. The commission shall
not levy taxes or impose fees, except the fees as authorized by this
act.
(2) The commission may establish one or more reserve funds to
provide financial assistance, the form of which may be, but is not
limited to, any of the following:
(A) Payments of part or all of the cost of acquiring letters of
credit for qualified bonds.
(B) Payments of part or all of the cost of acquiring insurance for
qualified bonds.
(C) Payments of part or all of the cost of acquiring guarantees
for qualified bonds.
(D) Payments of part or all of the cost of acquiring other forms
of credit support for qualifying bonds.
(E) Payments of part or all of the cost of issuance for qualified
bonds.
(3) Each reserve fund established pursuant to this subdivision
shall be deposited in a special account established by the
Controller. Notwithstanding any other law, and subject to any
requirements of federal tax law or regulations relative to
maintaining the tax-exempt status of the obligations of any qualified
bonds, all interest or other gains earned by investment or deposit
of money in the special account pursuant to any provision of Part 2
(commencing with Section 16300) of Division 4 of Title 2 or pursuant
to any other provision of law shall be credited to, and deposited in,
the account.
(4) Any funds of the commission, including proceeds from the sale
of bonds or notes issued on or after January 1, 2010, money set aside
for the commission's administrative expenses, and reserve funds
created under this subdivision, may be invested in any obligations of
any state or local government including mutual funds, trusts, and
similar instruments representing a pool of obligations. The Treasurer
may adopt regulations providing appropriate investment standards for
these investments. If the Treasurer determines it is necessary to
ensure compliance with federal tax laws or regulations, the
commission may, notwithstanding any other law, deposit funds received
as fees from the issuance of obligations or received as reserve
funds pursuant to this subdivision, with a bank or trust company
acting on behalf of the authority.
91572. (a) Prior to the delivery by an authority of any bonds of an
issue in return for the purchase price, the commission may summarily
suspend any qualification of the issue pending final determination
of any proceeding under this section. Upon the taking of that action,
the commission shall promptly notify each person specified in
subdivision (b) of the action and of the reasons therefor and that
upon the receipt of a written request of the authority the matter
will be set for hearing to commence within 20 business days after
that receipt unless the authority consents to a later date. If no
hearing is requested within 35 business days of notification to the
authority of the taking of that action, and none is ordered by the
commission, the commission may summarily revoke the qualification,
pending which the suspension shall remain in effect. If a hearing is
requested or ordered, the commission, after notice and hearing in
accordance with subdivision (b), may modify or vacate the suspension
or extend it until final determination.
(b) The authority, the company, and the underwriter and the
proposed purchaser, if any, shall be notified of the taking of action
pursuant to subdivision (a) and of the opportunity of the authority
for a hearing thereon before the commission.
(c) Prior to the delivery by an authority of any bonds of an issue
in return for the purchase price, the commission may revoke any
qualification if it finds that the proposed issuance is not fair,
just, or equitable to a purchaser of the bonds, or that the bonds
proposed to be issued or the method to be used by an authority in
issuing them will tend to work a fraud upon the purchaser thereof.
(d) The commission may vacate or modify a suspension or revocation
of qualification if it finds that the reasons for the suspension or
revocation do not or no longer exist or that the reasons which do
exist are not those which support a conclusion that the proposed
issuance is not fair, just, or equitable to a purchaser of the bonds,
or that the bonds proposed to be issued or the method to be used by
an authority in issuing them will tend to work a fraud upon the
purchaser thereof.
91573. (a) (1) The aggregate amount of bonds qualified pursuant to
this title in each calendar year shall not exceed three hundred fifty
million dollars ($350,000,000) of the tax-exempt bonds and three
hundred fifty million dollars ($350,000,000) of taxable bonds, per
calendar year, commencing January 1, 1987. Until October 1 of each
year, a minimum of 10 percent of the aggregate amount of taxable bond
authority and a minimum of 10 percent of the aggregate amount of
tax-exempt bond authority shall be reserved for projects located in
enterprise zones pursuant to subdivision (d) of Section 7073 and
program areas pursuant to subdivision (i) of Section 7082. Any unused
portion of the above reserved amounts as of October 1 of each year
shall be made available for projects without regard to enterprise
zones and program areas.
(2) The limitation on the aggregate amount of bonds authorized
pursuant to this title in paragraph (1) does not apply to bonds for
projects supported by funds received from the federal government
pursuant to the federal American Recovery and Reinvestment Act of
2009 (Public Law 111-5).
(b) Each authority shall file with the commission reports at those
times that are required by the commission, setting forth with
respect to each project the bonds of an issue qualified by the
commission or the authority, the bonds that have been issued and the
dates of delivery and receipt of the purchase prices thereof, and the
passage of the period or periods for lapse of qualification.
(c) Bonds may be delivered in return for the purchase price within
a six-month period of the making of the determinations required to
be made pursuant to Section 91531 or the making of the last
determinations to be made pursuant to Section 91532, unless extended
for a definite period by further commission action or further
authority action in the event the determinations were made by an
authority pursuant to subdivision (d) of Section 91531. The unissued
amount of a qualification lapses upon the expiration of such period
or periods.
91574. (a) Neither (1) the fact that an application for
qualification has been filed nor (2) the fact that an issue of bonds
has been qualified constitutes a finding by the authority or
commission that any document filed in connection with the
qualification is true, complete, or not misleading. No such fact
means that the commission has passed in any way upon the merits of or
recommended or given approval to any issue of bonds except as
provided in subdivision (d) of Section 91571.
(b) It is unlawful to make or cause to be made to any purchaser
any representation inconsistent with subdivision (a).
(c) Every notification of qualification issued by the commission
shall recite that the qualification is permissive only, and does not
constitute a recommendation or endorsement of the bonds so qualified.
91570. (a) The commission established by Article 3 (commencing with
Section 91550) shall review each issue of bonds and shall determine
whether the issue is qualified for issuance under the provisions of
this article. Upon failure of the commission to make determinations,
the authority shall do so in its stead as provided in subdivision (d)
of Section 91531.
(b) No bonds shall be delivered by an authority in return for the
purchase price unless the bond issue has been qualified under this
article and no notification of the suspension or revocation of that
qualification has been received by the authority which has not been
vacated or modified so that the bonds qualify for issuance.
91571. (a) All issues of bonds may be qualified for issuance under
this section.
(b) The commission may refuse to qualify an issue unless it finds
that the proposed issuance is fair, just, and equitable to a
purchaser of the bonds, and that the bonds proposed to be issued and
the methods to be used by an authority in issuing them are not such
as, in its opinion, will work a fraud upon the purchaser thereof.
(c) The commission may impose when qualifying an issue under this
section conditions imposing a legend condition restricting the
transferability thereof, impounding the proceeds from the sale
thereof, or any other condition, if the commission finds that without
the condition the issuance will be unfair, unjust, or inequitable to
a purchaser of the bonds. The commission may in its discretion
modify or remove any of the conditions when, in its opinion, they are
no longer necessary or appropriate.
(d) The commission may refuse to qualify an issue of bonds under
this section that is proposed to be issued in exchange for one or
more outstanding bonds, or bonds and claims, or partly in the
exchange and partly for cash or property, unless it approves the
terms and conditions of the issuance and exchange and the fairness of
the terms and conditions, and may hold a hearing upon the fairness
of the terms and conditions, at which all persons to whom it is
proposed to issue bonds or to deliver any other consideration in the
exchange have the right to appear.
(e) The commission may refuse to qualify an issue unless it finds
that the bonds issued in connection with the project by the authority
will be adequately secured and the revenues and other funds
applicable to the payment of the bonds are, or upon the acquisition
of the facilities that the bonds finance, will be sufficient to pay
the principal of and the interest on the bonds.
(f) The commission may refuse to qualify an issue of bonds
proposed pursuant to Section 1401 of the American Recovery and
Reinvestment Act of 2009 (Public Law 111-5), or any amendments
thereto, unless it finds that the issuer has approved the issuance of
bonds for the project pursuant to a resolution in compliance with
the American Recovery and Reinvestment Act of 2009 and that the
project meets the criteria established by the American Recovery and
Reinvestment Act of 2009.
(g) (1) The commission may establish one or more reserve funds to
provide financial assistance to businesses on behalf of issuers of
qualifying bond issues. The reserve may be established and
replenished with grants, allocations, reimbursements, appropriations,
awards, or other funds from federal, state, or nonprofit agencies,
programs, or sources. The commission shall adopt criteria and
procedures for funding cost of issuance for qualifying bond issues
through a secure fund under this subdivision. The commission shall
not levy taxes or impose fees, except the fees as authorized by this
act.
(2) The commission may establish one or more reserve funds to
provide financial assistance, the form of which may be, but is not
limited to, any of the following:
(A) Payments of part or all of the cost of acquiring letters of
credit for qualified bonds.
(B) Payments of part or all of the cost of acquiring insurance for
qualified bonds.
(C) Payments of part or all of the cost of acquiring guarantees
for qualified bonds.
(D) Payments of part or all of the cost of acquiring other forms
of credit support for qualifying bonds.
(E) Payments of part or all of the cost of issuance for qualified
bonds.
(3) Each reserve fund established pursuant to this subdivision
shall be deposited in a special account established by the
Controller. Notwithstanding any other law, and subject to any
requirements of federal tax law or regulations relative to
maintaining the tax-exempt status of the obligations of any qualified
bonds, all interest or other gains earned by investment or deposit
of money in the special account pursuant to any provision of Part 2
(commencing with Section 16300) of Division 4 of Title 2 or pursuant
to any other provision of law shall be credited to, and deposited in,
the account.
(4) Any funds of the commission, including proceeds from the sale
of bonds or notes issued on or after January 1, 2010, money set aside
for the commission's administrative expenses, and reserve funds
created under this subdivision, may be invested in any obligations of
any state or local government including mutual funds, trusts, and
similar instruments representing a pool of obligations. The Treasurer
may adopt regulations providing appropriate investment standards for
these investments. If the Treasurer determines it is necessary to
ensure compliance with federal tax laws or regulations, the
commission may, notwithstanding any other law, deposit funds received
as fees from the issuance of obligations or received as reserve
funds pursuant to this subdivision, with a bank or trust company
acting on behalf of the authority.
91572. (a) Prior to the delivery by an authority of any bonds of an
issue in return for the purchase price, the commission may summarily
suspend any qualification of the issue pending final determination
of any proceeding under this section. Upon the taking of that action,
the commission shall promptly notify each person specified in
subdivision (b) of the action and of the reasons therefor and that
upon the receipt of a written request of the authority the matter
will be set for hearing to commence within 20 business days after
that receipt unless the authority consents to a later date. If no
hearing is requested within 35 business days of notification to the
authority of the taking of that action, and none is ordered by the
commission, the commission may summarily revoke the qualification,
pending which the suspension shall remain in effect. If a hearing is
requested or ordered, the commission, after notice and hearing in
accordance with subdivision (b), may modify or vacate the suspension
or extend it until final determination.
(b) The authority, the company, and the underwriter and the
proposed purchaser, if any, shall be notified of the taking of action
pursuant to subdivision (a) and of the opportunity of the authority
for a hearing thereon before the commission.
(c) Prior to the delivery by an authority of any bonds of an issue
in return for the purchase price, the commission may revoke any
qualification if it finds that the proposed issuance is not fair,
just, or equitable to a purchaser of the bonds, or that the bonds
proposed to be issued or the method to be used by an authority in
issuing them will tend to work a fraud upon the purchaser thereof.
(d) The commission may vacate or modify a suspension or revocation
of qualification if it finds that the reasons for the suspension or
revocation do not or no longer exist or that the reasons which do
exist are not those which support a conclusion that the proposed
issuance is not fair, just, or equitable to a purchaser of the bonds,
or that the bonds proposed to be issued or the method to be used by
an authority in issuing them will tend to work a fraud upon the
purchaser thereof.
91573. (a) (1) The aggregate amount of bonds qualified pursuant to
this title in each calendar year shall not exceed three hundred fifty
million dollars ($350,000,000) of the tax-exempt bonds and three
hundred fifty million dollars ($350,000,000) of taxable bonds, per
calendar year, commencing January 1, 1987. Until October 1 of each
year, a minimum of 10 percent of the aggregate amount of taxable bond
authority and a minimum of 10 percent of the aggregate amount of
tax-exempt bond authority shall be reserved for projects located in
enterprise zones pursuant to subdivision (d) of Section 7073 and
program areas pursuant to subdivision (i) of Section 7082. Any unused
portion of the above reserved amounts as of October 1 of each year
shall be made available for projects without regard to enterprise
zones and program areas.
(2) The limitation on the aggregate amount of bonds authorized
pursuant to this title in paragraph (1) does not apply to bonds for
projects supported by funds received from the federal government
pursuant to the federal American Recovery and Reinvestment Act of
2009 (Public Law 111-5).
(b) Each authority shall file with the commission reports at those
times that are required by the commission, setting forth with
respect to each project the bonds of an issue qualified by the
commission or the authority, the bonds that have been issued and the
dates of delivery and receipt of the purchase prices thereof, and the
passage of the period or periods for lapse of qualification.
(c) Bonds may be delivered in return for the purchase price within
a six-month period of the making of the determinations required to
be made pursuant to Section 91531 or the making of the last
determinations to be made pursuant to Section 91532, unless extended
for a definite period by further commission action or further
authority action in the event the determinations were made by an
authority pursuant to subdivision (d) of Section 91531. The unissued
amount of a qualification lapses upon the expiration of such period
or periods.
91574. (a) Neither (1) the fact that an application for
qualification has been filed nor (2) the fact that an issue of bonds
has been qualified constitutes a finding by the authority or
commission that any document filed in connection with the
qualification is true, complete, or not misleading. No such fact
means that the commission has passed in any way upon the merits of or
recommended or given approval to any issue of bonds except as
provided in subdivision (d) of Section 91571.
(b) It is unlawful to make or cause to be made to any purchaser
any representation inconsistent with subdivision (a).
(c) Every notification of qualification issued by the commission
shall recite that the qualification is permissive only, and does not
constitute a recommendation or endorsement of the bonds so qualified.
