California Debt and Investment Advisory Commission

Report of Proposed Debt Issuance Form

 

Data Field Definitions. Clarification of Data Fields

Issuer Name

Enter the proper name of the State or local entity legally authorized to enter into the debt contract. If the financing is Tax & Revenue Anticipation Note (TRAN) pool, provide one Proposed Debt Issuance report for each participant in the financing. If debt is issued under the Marks-Roos Local Bond Pooling Act and the authority is using the proceeds to acquire the one or more local obligations (LOBs) which will be issued concurrently, a Report of Proposed Debt Issuance must also be filed for each local obligation. – Mandatory entry field.

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Issue Name

Enter the title of debt issue as it will appear on the financing documents, if known.

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Name of Project

Name of the project(s) for which the proceeds will be used if applicable. Include the name of the specific assessment district, housing project, hospital, redevelopment project area, if known.

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Proposed Sale Date

Enter the date this debt is scheduled to be sold. CDIAC defines sale date as the date of acceptance of the debt contract between the issuer and the creditor. - Mandatory entry field.

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Proposed Principal to Be Sold

Enter the total principal amount of debt proposed to be sold. The dollar amount will be verified and updated when the Report of Final is submitted after the sale. - Mandatory entry field.

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Validation Action

A court judgment declaring the validity of the financing. Check Yes, No or Unknown. - Mandatory entry field.

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Currency Debt Repayable Is the debt repayable in non-US currency? Enter Yes, No, or Unknown. - Mandatory entry field.

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Voter Approved Election Date If the proposed issue is a general obligation debt of a State or local government and the authority to issue required voter approval, enter the election date.

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Ballot Measure or Number Identifier Enter the ballot measure or number identifier as it appeared on the ballot.

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Voter Authorized Amount Enter the total Debt amount authorized by voters.

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Voter Authorization Reduced by this Issue Enter the amount by which the voter authorized amount will be reduced by the proposed issue.

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Authorizing Statute1 Select the statute that authorizes the issuer to enter into this type of Debt contract from the list below. If the authorizing statute is not listed, select “Other” and provide the authorizing statute. – Mandatory entry field.

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Authorizing Statute2 If the Debt is authorized under an additional statute, select the statute from the list below. If the authorizing statute is not listed, select “Other” and provide the authorizing statute. – Optional entry field.

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Refunding

Check Yes or No. Indicate the proposed amount that is to be used to refund outstanding Debt of the issuer. This dollar amount will be verified and updated when the Report of Final Sale is submitted after the sale. - Mandatory entry field.

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Redeem, Pay-down, or Refinancing

Check Yes or No. Indicate the proposed amount that is to be used to redeem, pay-down or refinance outstanding Debt of the issuer. This dollar amount will be verified and updated when the Report of Final Sale is submitted after the sale. - Mandatory entry field.

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Issuer Contact

Enter contact information for the responsible person at issuing agency. E-mail address is mandatory field. - Mandatory entry field.

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County

Enter the name of the county where issuing agency is located. If agency encompasses more than one county (i.e., joint powers agencies, joint school districts), indicate multiple counties. - Mandatory entry field.

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Filing Contact

Identify the name of the person filing the information with the Commission, including their job title, their firm and their firm’s role in the financing. The person listed in the "Send acknowledgment /copies to" field will receive an acknowledgment of receipt e-mail when the report is processed. E-mail addresses are mandatory entry fields. - Mandatory entry field.

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Financing Participants/Role

Names of the firms fulfilling each role in the financing. A Borrower Counsel/Loan is defined as the attorney representing the issuer when the debt type is a “LOAN” as defined below. If no firm has been selected to fulfill a particular role, do make an entry in that field.Mandatory entry field.

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Tax Status

Check whether State and/or federally tax exempt (Yes means taxable, No indicates tax-exempt). If the debt issue is federally tax-exempt, indicate (by checking the appropriate box) whether this issue is a preference item and subject to the alternative minimum tax (AMT). – Mandatory entry field.

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Type of Sale

Check either competitive or negotiated sale. Refer to Sections 53583(c)(2)(B) and 54418 of the California Government Code for additional information required of refunding Debt issues and public enterprise revenue Debt sold on a negotiated basis. – Mandatory entry field.

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Private Placement

If bonds or other securities are publicly traded, select No.  If the financing does not involve an underwriter and/or securities are directly purchased by a bank or other institution, select Yes.  If the financing is a direct loan, select Yes. – Mandatory entry field.

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Debt Policy The issuer certifies that it has complied with Government Code Section 8855(i) with respect of local debt policies. Check Yes, No or Not Applicable.  - Mandatory entry field.

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Type of Debt Instrument

The type categories are grouped by notes, bonds, commercial paper, certificates of participation and leases, and other types of debt. Definitions of selected types of debt follow. – Mandatory entry field.
  • Loan from bank/other institution (LOAN). Public debt issued outside of the bond market in which the creditor is not required to satisfy the Securities and Exchange Commission’s Rule 501 (Qualified Institutional Buyer).
  • Marks-Roos Authority Loan (MKRL). Used when the issuer is the recipient of a loan from the proceeds of a joint powers authority financing issued under the Marks-Roos Local Bond Pooling Act.
  • State Agency Loan (STAL). Used when the issuer is the recipient of a loan from State agency.
  • Capital Lease. This category is for lease transactions as defined by California Code of Regulations Title 4, Division 9.6, Section 6000(k)(9).
  • Other notes. Includes, but is not limited to, promissory notes, general or limited tax obligation notes.
  • Conduit revenue (private obligor) bonds. Bond proceeds of the issue are used by nongovernmental borrower for a project financing. Typical conduit projects financed through public agencies may include, but are not limited to, housing, industrial development, certain hospitals, private higher educational facilities, pollution control, etc.
  • Limited tax obligation bonds. Bonds are sold by a Mello-Roos Community Facilities District (CFD) and are secured by special tax revenues.
  • Sales tax revenue bonds. Bonds are sold by a transit district, authority, or other public agency and are secured by sales tax revenues.
  • Revenue bonds. Bonds sold by a public financing authority (PFA) or joint powers agency, which will be repaid from local obligations acquired with the proceeds of the bonds. Bond proceeds may be used, for example, to acquire leases, to make loans, to purchase assessment district or Community Facilities District bonds, for unspecified obligations or for a mix of these purposes. For these bonds, indicate local obligations as source of repayment. Note: Not all Marks-Roos bonds are used for purchasing local obligations.
  • Other bonds. Check this category if bonds are sold for judgment obligations. Also check this category if the bond category is not listed on Proposed Report. Include a brief description of the type of debt in space provided.
  • Pension obligation (POB). A form of bond issued by local agencies used to fund pension fund liabilities. It is secured by the General Fund.
  • Rate reduction (GC 6588.7) (RRB). Bonds issued by an authority, the proceeds of which are used directly or indirectly to pay or reimburse a local agency or its publicly owned utility for the payment of costs of a utility project, and that are secured by a pledge of, and are payable from, utility project property as provided in Section 6588.7.
  • Certificates of participation. This category is for certificates of participation only
  • Other. This type category includes type of debt instruments not listed on the form such as warrants and Teeter Plan.

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Sources of Repayment

Definitions of selected categories follow. If there are two or more sources of repayment, identify the one providing the largest share of repayment. You must select at least one source of repayment. – Mandatory entry field.
  • Local obligations. Source of repayments for an Authority (Marks-Roos) issue.
  • Local obligations. Repayments for a Marks-Roos pool bond from several types of debt issues.
  • Utility project charges (UPC).Charges paid or to be paid by customers of a publicly owned utility to pay financing costs of rate reduction bonds issued pursuant to GC Section 6588.7.

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Purposes of Financing

Major categories are: interim financing, housing, hospitals and health care, education, redevelopment, commercial and industrial development, capital improvement and public works, and other. Refunding and refinancing issues should indicate the purpose of the original financing (i.e., a refunding issue for an assessment district to provide streets and roads will still be categorized as streets and roads). Please provide the percentage (%) of the debt associated with each purpose selected. – Mandatory entry field.
  • Cash-flow, interim financing. For annual short-term debt issued for cash management purposes.
  • Project, interim financing. For short-term financing of capital projects until permanent, long term financing can be obtained or sold.
  • Other housing (OTHH). Includes building, renovating, improving, furnishing and equipping interim housing for families and individuals facing emergency and/or homelessness, hostels, orphanages, childcare facilities, and housing for persons with developmental special needs.
  • Single-family housing. Includes mobile home parks.
  • Health care facilities. Includes congregate care facilities, rest homes, out-patient clinics, etc.
  • Medical research/institute (MRES). Includes land acquisition, construction, renovating, improving, furnishing and equipment for schools of science, biology and regenerative research facilities
  • Other/multiple health care purposes. Includes hospital equipment, laboratories or an issue that provides for both of the other health care categories (both a hospital and a health care facility).
  • Other/multiple education uses. Includes acquisition of school equipment, portable classrooms, or a mix of K-12 and college and university facilities.
  • Redevelopment. Includes issues for funding redevelopment project areas, which may include many capital improvements, i.e., street construction, water and wastewater, bridges and highways, property enhancement. These improvements are generally related to specific project areas and follow the redevelopment plan for the area. Includes Marks-Roos revenue (pool) bonds sold to acquire debt issued by successor agencies to the former redevelopment agencies. A successor agency which issues bonds to refinance prior redevelopment agency debt should select the purpose category for which the original debt was issued.
  • Multiple capital improvements and public works. Used for two or more capital improvements categories (also check each individual purpose). For example, a special assessment bond which will be used for street and road construction, flood control, and wastewater treatment/collection will be marked as multiple capital improvements and public works, but the various subcategories are noted in the database.
  • Other capital improvements and public works. Those improvements not covered under the general categories and may include underground utilities, street lighting, and seawall construction.
  • Public building. Includes fire and police stations, administration or community centers, libraries, maintenance facilities, and courthouses.
  • Seismic safety improvements/repair. Improvements and retrofitting required to repair damage from earthquakes or to meet earthquake safety standards.
  • Theatre/arts/museums (THAM). Includes building, renovation, equipment and furnishings for fine art, historical and science museums, and performing arts facilities.
  • Commercial energy conservation/improvement (CECI). Includes bonds issued pursuant to the Property Assessed Clean Energy (PACE) program for commercial property owners.
  • Human resources (HR). Includes construction, renovation and equipping of facilities for organizations that meet the needs of children, families and individuals with special needs and/or emergency/disaster services.
  • Insurance/pension funds. Includes self-insurance and liability programs, and pension obligations.
  • Residential energy conservation/improvement (RECI).Includes bonds issued pursuant to the Property Assessed Clean Energy (PACE) program for residential property owners.
  • Other than listed above. Includes debt issued for judgment obligations and Teeter Plans.

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