CITY COUNCIL STAFF REPORT
MEETING DATE: DECEMBER 16, 2015
PREPARED BY: Harjot Sangha, Accountant I/Administrative Services Dept.
APPROVED BY: City Manager
TITLE
FIFTH SEMI-ANNUAL REPORT ON POST-ISSUANCE COMPLIANCE PROCEDURES FOR TAX ADVANTAGED BONDS
END
RECOMMENDATION(S)
RECOMMENDATION
For information only.
BODY
COUNCIL PRIORITIES, GOALS & STRATEGIES:
Ongoing Priorities
Maintaining fiscal responsibility
Preserving and cultivating public trust
REPORT NARRATIVE:
During the past six months, City staff has executed the post-issuance compliance procedures, notably as such:
* Continue to emphasize throughout the City organization the importance of having a plan based on reasonable expectations at the time of issuance (and then actually following through post issuance) to spend tax-exempt bond proceeds in the time frame as required by the internal revenue code.
* Helping the City's arbitrage rebate consultant complete the final arbitrage rebate calculations for Regional Wastewater Facilities and Capital Improvements Project, Series 2002, resulting is a negative yield, thus no rebate payment was due to the IRS.
* Working with trustees to ensure proper defeasance notices are filed on EMMA, the official repository for information on all municipal bonds, for the bonds defeased from the refunding.
* Working with consultant to generate and file the second required annual continuing disclosure report for the Refunding Revenue Bonds for the Former Redevelopment Agency, Series 2013A and 2013B. The Disclosure Certificate requires the Agency to cause an Independent Redevelopment Consultant to prepare an Annual Report. The Agency, acting as Dissemination Agent, is then required to provide the Annual Report to the Municipal Securities Rulemaking Board (MSRB) through EMMA, to the Participating Underwriter and to the Trustee. The annual report contains the following information:
o Redevelopment Project Area taxable assessed...
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