DATE: August 10, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator/CFO
Mike Lowe, Comptroller
SUBJECT:
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Report on City’s Post Issuance Bond Compliance
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning on-going monitoring of the continuing disclosure requirements for the Series 2017 Water and Sewer Revenue Bonds and the Series 2017 General Obligation and Public Improvement Bonds.
Background
When bonds are issued, there are several parties, including the City’s bond counsel, that are involved to ensure initial compliance requirements. During the lifetime of the bond issue, there is on-going disclosure of certain financial information and operating data that is required along with an agreement to file notice of the occurrence of certain enumerated (or significant) events. This task is primarily the responsibility of the City’s Chief Financial Officer, Comptroller, and the Finance Department. For the two most recent bond issues, the City is utilizing the Government Finance Officers Association (GFOA) Post Issuance Compliance Checklist to assist staff in the satisfaction of compliance requirements. This checklist covers requirements regarding tax law (including arbitrage), disclosures, and state law.
Also, in the upcoming 2017 CAFR, the City will include a new Statement of Debt as well as additional information about utility customers developed for the 2017 bond issues.
Financial Impact
There is no financial impact from this report.
Recommendation
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This is for report purposes only.