55C - RESO - STATEMENT OF INVESTMENT

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Municipal Securities Disclosure Policy & Procedures Page 3 June 21, 2016 The Disclosure Coordinator shall be appointed by the Executive Director of Finance. The duties of the Disclosure Coordinator include: • Prepare, file and document the annual filings required by the Continuing Disclosure Undertakings • Oversee the drafting of the annual filings and other event notices required by the Continuing Disclosure Undertakings • Coordinate the process of preparing the initial offering documents • Ensure compliance with the Policy • Maintain a compliance file; and • Develop a training process. GENERAL PRINCIPLES In accordance with this Policy, any member of the Committee may raise potential disclosure concerns or issues at any time during the disclosure process (the "Process "). The Process is designed to facilitate the review of all disclosure and offering documents, including but not limited to, Continuing Disclosure Undertakings, Annual Information Filings, Audited Financial Statements, Rule 15c2 -12 Event Notices, Notices of Failure, official statements, preliminary official statements, fiscal agent agreements, trust agreements, and bond indentures for revisions, clarifications and /or improvements. Any other disclosure or offering documents that are not specifically listed shall be reviewed and verified during the Process. PREPARATION OF OFFERING DOCUMENTS The Committee and /or the Disclosure Coordinator shall manage the process of reviewing and commenting on the preliminary official statement (the "Preliminary Official Statement') and will send comments to the assigned disclosure counsel for each particular transaction. The drafts of the Preliminary Official Statement shall be reviewed by the Committee, Subject Matter Reviewers, financial advisor, bond counsel, disclosure counsel and other assigned parties. The final draft of the Preliminary Official Statement shall be reviewed by the Executive Director of Finance and /or his /her designee and /or the Assistant Director of Finance and /or his /her designee prior to approval by the City Council, or such other legislative body of the respective Santa Ana Issuer. The Preliminary Official Statement and financing documents must be approved as discussion items on the agenda and may not be placed on the consent calendar. The Preliminary Official Statement and the final official statement will not be finalized nor posted until all of the parties have signed -off. PREPARATION & DOCUMENTATION OF ANNUAL REPORTS The Disclosure Coordinator shall establish a disclosure calendar outlining the annual submission dates for the Annual Report required pursuant to each Continuing Disclosure Undertaking. Approximately 90 days before the submission date for each required filing established under such Continuing Disclosure Undertaking, the Disclosure Coordinator shall initiate the process of preparing the financial and operating information required to be submitted thereunder and shall assemble the information available at that time and determine the scope of additional information to be required. The Disclosure Coordinator shall also contact the third - party, engaged to complete the required filing, to establish a schedule for completion and submission of the Annual Report. 55C -45