LOS ANGELES - California Treasurer Kathleen Brown late Monday released the state's first-ever written statement detailing responsibilities and performance expectations for underwriting firms that handle state financings.

The treasurer's office developed the document "to provide written communication of the state's goals and expectations regarding aspects of the financings, such as the pricing and allocation of bonds, and to ensure that responsibilities for the financings are clear so that the process is smooth and orderly." Ms. Brown said in a statement.

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