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6.3.B. - Page 2 <br /> disclosure policies and procedures, bond counsel and disclosure counsel recommend <br /> that the City do so as a best practice. <br /> The proposed debt disclosure policies and procedures address four core components of <br /> good disclosure policies: <br /> 1) A description of the types of disclosures to investors that are covered by the <br /> policy; <br /> 2) A clear statement of the process by which each type of disclosure to investors <br /> will be undertaken, drafted, reviewed, and approved, as well as how compliance <br /> with the process will be documented; <br /> 3) The process for adequate supervision and reasonable disbursement of <br /> responsibilities; and <br /> 4) The steps for training of officials and employees. <br /> While most of the responsibility related to disclosure falls on City staff, bond counsel, <br /> disclosure counsel and municipal advisors, the disclosure policies and procedures <br /> contains specific responsibilities for the City Council. These responsibilities include: <br /> 1) Review of the preliminary official statement for any proposed debt issuance and <br /> adoption of a resolution authorizing staff to deem the official statement as final. <br /> 2) Participation in disclosure training as appropriate. <br /> Implementing the policy and procedures will be administratively routine as staff has <br /> already been following most of the steps outlined in the policy. Two areas that would <br /> require more time to implement would be the creation of the new investor webpage on <br /> the City's website and training for the Council. Staff is planning to have the investor <br /> webpage ready to publish by September 1st, 2016 and are committing to providing <br /> training for Council Members prior to December 31st, 2016. <br /> ALTERNATIVES <br /> The City Council may direct staff to make changes to the policy or request more <br /> information regarding their responsibilities and/or training prior to approving this policy. <br /> Adopting a debt disclosure policy is considered a best practice and staff believes that <br /> not having a policy may potentially adversely affect the ability to attract underwriters to <br /> bid on bonds at competitive sales in the future. <br /> FISCAL IMPACT <br /> Implementing this policy would have no budgetary impact other than the cost of periodic <br /> training for staff and Council which is already included in the Administrative Services <br /> Department budget. <br /> ENVIRONMENTAL REVIEW <br />