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

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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. Not less than 30 days before the submission date, the Disclosure Coordinator, in coordination with the Subject Matter Reviewers, shall prepare a draft submission of financial and operating information required to be included in the Annual Information Filing, highlighting any information still unavailable. Additionally, the draft of the Annual Information Filing and Audited Financial Statements shall be submitted to CAO for review. ANNUAL REPORT FILING PROCESS The Disclosure Coordinator along with the Subject Matter Reviewers shall evaluate all the components of the Annual Reports and make the appropriate updates. Following the updating of the Annual Reports, the Committee shall review the drafts of the Annual Reports. The Disclosure Coordinator shall make any changes recommended by the Committee and resubmit the Annual Reports to the Committee. Subsequent to the final approval by the Committee, the Disclosure Coordinator along with the Santa Ana Issuers' Dissemination Agent shall finalize the Annual Reports. The Disclosure Coordinator shall maintain and update the compliance files for each Continuing Disclosure Undertaking. On or before the submission date established under each Continuing Disclosure Undertaking, the Disclosure Coordinator or the dissemination agent, if applicable, shall file the Annual Report. If the Audited Financial Statements are not available, unaudited financial information shall be filed with the MSRB using EMMA and the Audited Financial Statements shall be filed within 10 business days of their receipt and acceptance. LISTED EVENTS Resolution No. 2016-051 Page 6 of 7