AgdaPkt 2016-05-23 Closed, Joint SA and PFA

Browse Search

6.3.B. - Page 13 ATTACHMENT 1 Continuing Disclosure Filings Procedures Under the continuing disclosure undertakings that the City has entered into in connection with its bond offerings, the City is contractually required each year to file annual reports with the Municipal Securities Rulemaking Board's ("MSRB") Electronic Municipal Market Access ("EMMA") system in accordance with such undertakings. Such annual reports are required to include certain updated financial and operating information specified in each continuing disclosure undertaking, and the City's audited financial statements (or if they are not available, the City's unaudited financial statements). The City is also required under its continuing disclosure undertakings to file notices of certain Listed Events with EMMA. Annual Financial Information The Annual Disclosure Compliance Group for annual financial information and operating data (the "Annual Filing") to be filed with the MSRB pursuant to its continuing disclosure undertakings shall consist of the following officers and employees of the City: Assistant City Manager/Administrative Services Director Deputy Treasurer City Attorney Disclosure Coordinator (if not listed above) The Disclosure Coordinator shall (a) compile and maintain (and update after every issuance or defeasance of bonds) a list of all financial information and operating data required to be filed with the MSRB pursuant to each continuing disclosure undertaking of the City; (b) assign responsibilities to officers and employees for periodically assembling and verifying the data; (c) request that they assemble, verify, and forward the data to the Disclosure Coordinator and notify the Disclosure Coordinator if they have learned of any other fact that they consider to be material with respect to the information provided; and (d) establish a schedule for producing the data (and the Annual Filing document) that will afford sufficient time for final review by the Annual Disclosure Compliance Group and the Disclosure Coordinator. The Disclosure Coordinator shall distribute drafts of the Annual Filing to the Annual Disclosure Compliance Group for review together with a description of the process used to compile it. The members of the Annual Disclosure Compliance Group shall review the Annual Filing drafts and Disclosure Coordinator' process description to determine (and shall report to the Disclosure Coordinator as to) whether, based on information known or reported to them, (a) this Disclosure Policy was followed, (b) the material facts in the Annual Filing appear to be consistent with those known to the members of the Annual Disclosure Compliance Group, and (c) the Annual Filing omits any material fact that is necessary to be included to prevent the Annual Filing from being misleading to investors. The Disclosure Coordinator shall take such action as may be necessary, based on feedback from the Annual Disclosure Compliance Group, to enable the Annual Disclosure Compliance Group to conclude that this Disclosure Policy was followed and that the Annual Filing is accurate and complete in all material respects. The Annual Disclosure Compliance Group shall approve the final draft of the Annual Filing. Page 8 of 11