AgdaPkt 2011-03-21 - Laserfiche WebLink

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8.A ATTACIiNItN7 � of requiring more up-to-date information to be provided to investors, the SEC also requires bond underwriters to provide continuing disclosure af material events and key credit information on all bond issues that they underwrite. To comply with this requirement, bond underwriters, as a condition to purchasing the bonds, require issuers to provide this information to the public on an annual basis. The continuing disclosure certificate requires the City to annually collect and disseminate to the SEC and certain firms serving as national repositories information regarding bonds outstanding and fund balances, assessed valuation of parcels securing the bonds, special tax delinquency rates and information regarding delinquent parcels, significant changes in land use entitlements relating to parcels securing the bonds, significant challenges to the development of the property comprising the project, building permits and certificates of occupancy issued for parcels in the District, copies of reports required to be filed by the CFD with the California Debt and Investment Advisory Commission, and the occurrence of certain significant events (all of which are listed) relating to the security provided to investors. The developer is also required to provide annual information relating to the development project until the projec# is completed. Official Statement — This is the City's primary disclosure document. It discloses to investors all material information relating to the making of an informed investment decision. It includes such information as the authority for the bonds, the appfication of bond proceeds, the nature and value of the security for the repayment of the bonds, bond owner's risks in purchasing the bonds, a description of the real estate development project to be constructed on the land securing the bonds and its location, the terms of the bonds and the rights of the owners of the bonds, the procedure for taxing property securing the bonds, complete copies of the special tax formula and the One Marina Project appraisal, and other important information. The preiiminary official statement is used as a marketing document and is mailed to potential investors prior to . the bond sale. After the bond sale all the blanks (usually relating to the fiinal amount of bonds sold, the application of bond proceeds, the amount of the underwriter's discount, final in#erest rates and reoffering yields or prices of the bonds, and the amount of debt service on the bonds} are filled in and a final official statement is de(ivered to each purchaser of the bonds. I 2