Res16 15493 - Laserfiche WebLink

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05/23/2016 undertaking to provide certain disclosures prescribed in the rule, including annual financial information, audited financial statements, and Listed Event notices. To facilitate compliance with this rule by the underwriter the City enters into continuing disclosure agreements for each transaction, thereby contractually promising to provide the market with these disclosures. Disclosure Coordinator The Disclosure Coordinator is selected from time to time by the City Manager. At the present time, the Finance Director of the City shall be the Disclosure Coordinator of the City. The Disclosure Coordinator shall be responsible for: i. Providing final approval for dissemination of financial statements (including the City's Comprehensive Annual Financial Reports ("CAFRs")), official statements with respect to bonds of the City, continuing disclosure annual reports, and Listed Event notices as having been reviewed for completeness and accuracy of the information presented therein. ii. Coordinating the preparation of disclosure offering documents and ensuring complete and accurate disclosure of material information regarding the City's finances, the revenues source securing the bonds to be issued by the City, the project to be financed with such securities, and any other information deemed material by the Financing Group established for the issuance of such bonds. The Disclosure Coordinator shall be entitled to rely on the advice of the City Attorney, bond counsel, disclosure counsel, municipal advisors and underwriters in making a determination as to what information is material to making an informed investment decision in the securities to which the disclosure offering document relates. Advice of counsel may help to establish that the City exercised reasonable care, but is not a defense to an action where a material fact was not discussed with or misstated to counsel. iii. Arranging disclosure training for all City Council members, and periodic disclosure training for City finance department staff tasked with participating in public securities offerings, City finance department staff tasked with monitoring outstanding bonds and other securities or fulfilling the City's continuing disclosure obligations, and coordinating with other City department directors for the disclosure training of other City staff that participate in preparation of disclosure information for public securities offerings. iv. Establishing procedures to ensure the timely preparation, review and filing of continuing disclosure annual reports, including the City's CAFR. The current continuing disclosure filing procedures are set forth in Attachment 1. ATTY/RES0.0044/CC RE50 DEBT DISCLOSURE POLICIES AND PROCEDURES RESO.#15493 REV:05-12-16 JS MUFF#205 Page 3 of 13