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Res16 15493
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Res16 15493
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Last modified
10/11/2019 7:54:50 AM
Creation date
10/11/2019 7:54:48 AM
Metadata
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Template:
CC Index
CC Index - Document Type
Resolution
Meeting Type
Joint
Agency Type
City Council and Successor Agency and Public Financing Authority
Date
5/23/2016
Description
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING DEBT DISCLOSURE POLICIES AND PROCEDURES FOR THE CITY
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05/23/2016 <br /> EXHIBIT A <br /> LISTED EVENTS <br /> For securities, subject to Rule 15c2-12, issued on or after December 1, 2010, or <br /> for variable rate demand bonds that are converted from a mode currently exempted from <br /> Rule 15c2-12 to a mode not so exempted on or after December 1, 2010, the following <br /> events trigger the requirement to file on EMMA, within ten (10) business days of their <br /> occurrence, in certain cases as indicated depending on the materiality of the event(which <br /> shall be determined as provided in the Disclosure Policy for those Listed Events where it <br /> is applicable): <br /> 1. Principal and interest payment delinquencies; <br /> 2. Non-payment related defaults, if material; <br /> 3. Unscheduled draws on debt service reserves reflecting financial difficulties; <br /> 4. Unscheduled draws on credit enhancements reflecting financial difficulties; <br /> 5. Substitution of credit or liquidity providers, or the providers failure to perform; <br /> 6. Adverse tax opinions, the issuance by the Internal Revenue Service of <br /> proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701- <br /> TEB) or other material notices or determinations with respect to the tax status of the <br /> security, or material events affecting the tax-exempt status of the security; <br /> 7. Modifications to rights of security holders, if material; <br /> 8. Bond Calls, if material, and tender offers; <br /> 9. Defeasances; <br /> 10. Release, substitution or sale of property securing repayment of the securities, <br /> if material; <br /> 11. Rating changes; <br /> 12. Bankruptcy, insolvency, receivership or similar event of the obligated person; <br /> For purposes of this event, it is considered to occur when any of the following occur: The <br /> appointment of a receiver, fiscal agent or similar officer for an obligated person in a <br /> proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or <br /> federal law in which a court or governmental authority has assumed jurisdiction over <br /> substantially all of the assets or business of the obligated person, or if such jurisdiction <br /> has been assumed by leaving the existing governing body and officials or officers in <br /> possession but subject to the supervision and orders of a court or governmental authority, <br /> ATTY/RES0.0044/CC RE50 DEBT DISCLOSURE POLICIES AND PROCEDURES <br /> REV:05-12-16 JS <br /> Page 12 of 13 <br />
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