Section 5753 Of Chapter 9.5. California Savings Bond Program From California Government Code >> Division 6. >> Title 1. >> Chapter 9.5.
5753
. In arranging the sale of bonds, the Treasurer may impose the
following requirements on any financial institution that sells the
bonds to the public:
(a) California residents planning to use the tax-exempt income for
college expenses shall have first priority for purchase of the bonds
and all other California residents shall be given second priority
for purchase of the bonds.
(b) The broker or institution marketing the bonds may not
establish a minimum order size.
(c) As long as the demand by individual investors is greater than
the supply of bonds, the bonds shall not be sold to institutional
investors.