Finance and Management Services
www.santa-ana.org/finance
Item # 14
City of Santa Ana
20 Civic Center Plaza, Santa Ana, CA 92701
Staff Report
December 3, 2024
TOPIC: Municipal Securities Continuing Disclosure Policy and Procedures
AGENDA TITLE
Resolution Approving Revisions to the City’s Municipal Securities Continuing Disclosure Policy And Procedures
RECOMMENDED ACTION
1. Adopt a resolution approving revisions the City’s Municipal Securities Continuing Disclosure Policy and Procedures
RESOLUTION NO. 2024-XXX entitled A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA ANA APPROVING REVISIONS TO THE MUNICIPAL
SECURITIES DISCLOSURE POLICY AND PROCEDURES
GOVERNMENT CODE §84308 APPLIES: No
DISCUSSION
The Finance and Management Services Agency (FMSA) oversees the continuing disclosure requirements pursuant to the U.S. Securities and Exchange Commission (SEC) Rule 15c2-12. Issuers of debt are required under most circumstances to provide financial and operating information on an annual basis with the Municipal Securities Rulemaking Board (MSRB) using the Electronic Municipal Market Access system (EMMA). The Santa Ana Issuers must comply with any required filings in a timely manner in accordance with their respective offering documents for the obligations.
Finance staff evaluates the City’s policy regularly with regard to industry standards and best practices. The policy was last approved by the City Council on June 21, 2016, and has since been reviewed by the City's financial advisor to ensure compliance with current financial standards and best practices. This policy and the associated procedures are intended to ensure that all fillings required under the rule are made timely and all requirements set forth in the Continuing Disclosures Undertakings are met.
The Municipal Securities Continuing Disclosure Policy and Procedures outlines the following:
•General principals
Municipal Securities Continuing Disclosure Policy and Procedures December 3, 2024
4 6
9 9
•Preparation of offering documents
•Preparation and documentation of annual reports
•Annual report filling process
•Reporting requirements
•Annual financial statements
•Record retention
Staff recommends that City Council adopt a resolution approving revisions to the City’s Municipal Securities Continuing Disclosure Policy and Procedures.
ENVIRONMENTAL IMPACT
There is no environmental impact associated with this action.
FISCAL IMPACT
There is no fiscal impact associated with this action.
EXHIBIT(S)
1. Resolution
Submitted By: Kathryn Downs, Executive Director of Finance and Management Services
Approved By: Alvaro Nuñez, City Manager