Section 5955 Of Chapter 13. Fractional Interest In Local Agency Obligations From California Government Code >> Division 6. >> Title 1. >> Chapter 13.

. The obtaining of local agency consent to an offer or sale of a security under Section 5951 shall not obviate the necessity of qualification of the offer or sale of such security under Division 1 (commencing with Section 25000) of Title 4 of the Corporations Code, unless the security or transaction is exempt from qualification under such law.