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2016-051 - Adoption of Municipal Securities Disclosure Policy and Procedures
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2016-051 - Adoption of Municipal Securities Disclosure Policy and Procedures
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6/24/2016 3:30:49 PM
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6/24/2016 3:30:23 PM
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City Clerk
Doc Type
Resolution
Doc #
2016-051
Date
6/21/2016
Destruction Year
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• Executive Director of Finance <br />• Assistant Director of Finance <br />• Supervising Accountant <br />• Disclosure Coordinator <br />• Representative from the City Attorney's Office (CAO) <br />The Disclosure Coordinator shall be appointed by the Executive Director of Finance. The duties <br />of the Disclosure Coordinator include: <br />• Prepare, file and document the annual filings required by the Continuing Disclosure <br />Undertakings <br />• Oversee the drafting of the annual filings and other event notices required by the <br />Continuing Disclosure Undertakings <br />• Coordinate the process of preparing the initial offering documents <br />• Ensure compliance with the Policy <br />• Maintain a compliance file; and <br />• Develop a training process. <br />GENERAL PRINCIPLES <br />In accordance with this Policy, any member of the Committee may raise potential disclosure <br />concerns or issues at any time during the disclosure process (the "Process"). The Process is <br />designed to facilitate the review of all disclosure and offering documents, including but not <br />limited to, Continuing Disclosure Undertakings, Annual Information Filings, Audited Financial <br />Statements, Rule 15c2-12 Event Notices, Notices of Failure, official statements, preliminary <br />official statements, fiscal agent agreements, trust agreements, and bond indentures for <br />revisions, clarifications and/or improvements. Any other disclosure or offering documents that <br />are not specifically listed shall be reviewed and verified during the Process. <br />PREPARATION OF OFFERING DOCUMENTS <br />The Committee and/or the Disclosure Coordinator shall manage the process of reviewing and <br />commenting on the preliminary official statement (the "Preliminary Official Statement") and <br />will send comments to the assigned disclosure counsel for each particular transaction. The <br />drafts of the Preliminary Official Statement shall be reviewed by the Committee, Subject Matter <br />Reviewers, financial advisor, bond counsel, disclosure counsel and other assigned parties. The <br />final draft of the Preliminary Official Statement shall be reviewed by the Executive Director of <br />Finance and/or his/her designee and/or the Assistant Director of Finance and/or his/her <br />Resolution No. 2016-051 <br />Page 5 of 7 <br />
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