Res16 15493 - Laserfiche WebLink

Browse Search

05/23/2016 with a Preliminary Official Statement shall summarize the responsibilities of the City Council with respect to the Preliminary Official Statement but does not need to include the full text of the following paragraph entitled "Responsibilities of City Council." Resaonsibilities of Citv Council. City Council members shall receive a copy of the Preliminary Official Statement prior to its distribution. The SEC has issued guidance as to the duties of the City Council with respect to its approval of a Preliminary Official Statement. In its "Report of Investigation in the Matter of County of Orange, California as it Relates to the Conduct of the Members of the Board of Supervisors" (Release No. 36761 / January 24, 1996) ("Orange County Release"), the SEC indicated that, if a member of a city council has knowledge of any facts or circumstances that an investor would want to know about prior to investing in bonds to be issued by the city, whether relating to their repayment, tax-exempt status, undisclosed conflicts of interest with interested parties, or otherwise, he or she should endeavor to discover whether such facts are adequately disclosed in the Preliminary Official Statement. In the Orange County Release, the SEC indicated that the steps that a member of a city council could take include becoming familiar with the Preliminary Official Statement and questioning city staff and consultants about the disclosure of such facts. If the city council concludes that the Preliminary Official Statement includes all facts that would be material to an investor in the bonds to be issued by the City, it shall adopt a resolution that authorizes staff of the City to execute a certificate to the effect that the Preliminary Official Statement has been "deemed final." Continuing Disclosure Filings Pursuant to 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 Electronic Municipal Market Access ("EMMA") system in accordance with such undertakings. Such contracts require that the annual reports include certain updated financial and operating information, 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. The procedures for the City to file with respect to its contractual continuing disclosure obligations are set forth in Attachment 1 to this Disclosure Policy. Public Statements Regarding /nformation Materia/ to City Bond/ssues City's Website. The City shall establish and maintain an investor information section of the City's website. Disclosure documents that are material to the City's securities (official statements, CAFRs, Listed Event notices and continuing disclosure annual reports), and no other information, shall be posted to the investor information section of the City's website following their review and approval. ATTY/RE50.0044/CC RESO DEBT DISCLOSURE POLICIES AND PROCEDURES RESO.#15493 REV:05-12-16 JS MUFF#205 Page 6 of 13