LOS ANGELES -- California legislators have agreed to eliminate a state commission that oversees certain local debt sales, saving the agency has outlived its usefulness because of improved scrutiny in the municipal bond market.

S.B. 767, which now goes to Gov. Pete Wilson, eliminates the Districts Securities Division of the state Treasurer's Office. It also disbands the Districts Securities Advisory Commission, which reviews the work of the division's staff.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.