AgdaPkt 2005-01-24 - Laserfiche WebLink

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financed and the security for the payment of interest on and the repayment of the principal of the bonds, the terms of the bonds and the redemption provisions therefor, debt service on the bonds and material risk factors relating to the City's ability to make installment purchase payments and the Authority's collection of these payments, as well as material risk factors relating to the security for the bonds in general, and other miscellaneous matters. Continuinq Disclosure Certificate The SEC does not have the authority to regulate municipal bond issuers. It can, however, regulate bond underwriters. The official statement provides comprehensive disclosure to investors at the time bonds are initially sold. In the interest of requiring more up-ie-date information to be provided to investors, the SEC also requires bond underwriters to provide continuing disclosure of 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 certain firms serving as national repositories, audited financial statements of the City, information regarding the sources and amount of the supply of water to the City and the corresponding use, by source, for water acquired by the City, information regarding bonds outstanding and debt service coverage, the balance in the debt service reserve fund, the status of any significant legislative, administrative, and judicial challenges or investigations to the operation of the leased facilities that are known to the City, and the occurrence of certain significant events (all of which are listed) relating to the security provided to investors. Official Notice of Sale The Official Notice of Sale sets the terms and conditions for the sale of the bonds. In addition to other pertinent information, it establishes the date and time of the sale, the method of sale, the required form of the bid, the maximum discount and interest rate, the acceptable designation of interest rates by the bidders and the method of award of the bonds. It summarizes the authorization, purpose and form of the bonds. Its states the principal maturities, the payment dates, the redemption provisions and the security for the bonds. It establishes the requirements to submit a bid, the method by which good faith deposits must be submitted, the rules of the auction process, and the right of the Authority to reject bids or to postpone or cancel the sale. AIII-2 ,. ...' .