Government Code section 5951
(a)
Any security that constitutes a fractional interest in a lease, installment sale, or other obligation of a local agency and that was first issued and sold prior to October 2, 1993.(b)
Offers or sales of shares or interests in any registered unit investment trust or management company, each as defined in the Investment Company Act of 1940.(c)
Any security that constitutes a fractional interest in a lease, installment sale, or other obligation of a local agency and that is registered under the Securities Act of 1933.(d)
Offers or sales of any security described in this section subsequent to an offer or sale of that security in compliance with this section.(e)
Offers or sales of participation interests between financial institutions.(f)
Any security that constitutes a fractional interest in a lease, installment sale, or other obligation of a local agency and that is created concurrently with, and as an integral part of, a financing to which the local agency is a party.(g)
Offers or sales of any security that constitutes a fractional interest in a lease, installment sale, or other obligation of a local agency made solely to one or more persons who are reasonably believed to be qualified institutional buyers or accredited investors.(h)
Any security that was first issued and sold prior to the effective date of this section if that security is either described in subdivision (b), (c), or (f), or was issued and sold in a transaction described in subdivision (d), (e), or (g).
Source:
Section 5951, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=5951. (accessed Apr. 24, 2025).