Post Issuance Compliance

The compliance obligations of an issuer don’t end with the sale of the bonds nor does it end when all of the proceeds have been expended and projects completed. In most contexts issuers will be responsible for preparing and disseminating disclosure reports for the entire term of the debt. KeyAnalytics assists public agency issuers in identifying and complying with all of thier post issuance compliance obligations. In addition the KeyAnalytics team provides periodic updates regarding the changing compliance environment.

Continuing Disclosure Reporting (SEC Rule 15c2-12)

Each issuance of publicly-sold bonds includes a continuing disclosure certificate which states that the issuer agrees to provide certain information to the investment community. It is required by Rule 15c2-12of the Securities Exchange Act of 1934. The Rule requires an annual report and notices of material events to be filed on the Municipal Securities Rulemaking Board's website. Each outstanding financing typically requires its own filing. KeyAnalytics assists issuers in the preparation and dissemination of annual continuing disclosure reports as well as monitoring and reporting on material/listed events.

California Debt and Investment Advisory Commission Reporting (SB 1029)

SB 1029, otherwise known as the Bond Accountability Bill, mandates the tracking of all governmental borrowings and the expenditures of the municipal security proceeds through additional reporting requirements to the California Debt and Investment Advisory Commission (CDIAC). Such CDIAC reporting is required to commence: 1) at the time that municipal securities are issued; and 2) annually thereafter until all of the municipal securities issued have been fully repaid. KeyAnalytics assists issuers in the preparation and dissemination of CDIAC reports.