(a) The department shall develop a financing process that requires, but shall not be limited to, all of the following:

(1) Confirmation that the term of financing shall be limited to the average expected economic life of the asset or assets.

(2) Certification that the asset or assets to be financed are eligible under Section 14934.

(3)  For tax-exempt financings, an opinion of counsel from a law firm admitted to the Treasurer’s office most current approved bond counsel pool confirming that the assets subject to the financing qualify for tax exempt financing consistent with the Internal Revenue Code.

(4) The preparation and submission of payment schedules to the Controller for use by the Controller in transferring funds appropriated in the annual Budget Act to the state agency for payments due under the financing program.

(5)  The use of standard financing terms and conditions, form certificates, and other form agreements. The standard financing terms and conditions, form certificates, and other form agreements, and any amendment of those standard terms and conditions, form certificates, and form agreements, shall be approved by the Department of Finance and the Treasurer’s office before they are used.

(6) Prior approval by the Treasurer’s office of the specific financial terms, including, but not limited to, the quotes received, the interest rate, and the payment term, for each financing over ten million dollars ($10,000,000).

(7) Prior approval by the issuer of lease-revenue bonds on behalf of the state for any financing that affects a facility encumbered by issuer’s lease-revenue bonds.

(8) (A) Notice to the Department of Finance and the Treasurer’s office of each financing before seeking a request for a rate quote for that financing.

(B) The notice shall identify the following:

(i) The state agency seeking to enter into a GS $Mart financing.

(ii) The assets to be financed.

(iii) The physical address at which the asset is located.

(iv) The estimated amount to be financed.

(v) The estimated closing date of the financing.

(b) The Controller may direct the transfer of funds according to the schedule or schedules submitted by the department pursuant to the GS $Mart Program.

(c) The department, in consultation with the Department of Finance, shall be responsible for the continued development and administration of, at a minimum, financing applications, instructions, and application approval pursuant to the GS $Mart Program.

(Amended by Stats. 2019, Ch. 29, Sec. 101. (SB 82) Effective June 27, 2019.)