2016-051 - Adoption of Municipal Securities Disclosure Policy and Procedures

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"Obligated Person" (as defined in the Rule) for whom financial or operating data is presented in the official statement, has undertaken in writing to provide the following information to the MSRB using EMMA: • By a specified date, annual financial and operating information for each Obligated Person for whom financial information or operating data is presented in the official statement (an "Annual Information Filing"); • By a specified date, if available, audited annual financial statements for each Obligated Person ("Audited Financial Statements" and together with the Annual Information Filing, the "Annual Report") and, if not available by the date required, unaudited financial statements with Audited Financial Statements; • In a timely manner within 10 business days of occurrence, notice of the occurrence of one or more of the listed events described in the Rule (a "Rule 15c2-12 Event Notice"); and • In a timely manner, notice of a failure of any Obligated Person required to make the Annual Information Filing and/or file the Audited Financial Statements on or before the date(s) specified in the Continuing Disclosure Undertaking ("Notice of Failure"). DISCLOSURE COMMITTEE The Disclosure Committee ("Committee") shall be responsible for the general oversight of the disclosure process, which includes: A. Initial Offering Disclosure • Participating in due diligence activities • Reviewing each disclosure document • Identifying subject matter reviewers ("Subject Matter Reviewers") s Approving draft preliminary official statement before it is submitted to the City Council or such other legislative body of the respective Santa Ana Issuer B. Continuing Disclosure • Periodically reviewing the Policy • Periodically reviewing compliance difficulties and recommending changes • Waiving procedures when appropriate The composition of the Committee shall include, but not limited to the following: Resolution No. 2016-051 Page 4 of 7