California Debt and Investment Advisory Commission

Report of Final Sale Form

 

Data Field Definitions. Clarification of Data Fields

CDIAC #

Prepopulated – No edits allowed.

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Issuer Name

Prepopulated with data submitted on the Report of Proposed Debt Issuance (RPDI) conformed to CDIAC’s naming convention- No edits allowed.

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Issue Name

Enter the title of debt issue as it will appear on the financing documents, if known Prepopulated with data submitted on RPDI conformed to CDIAC’s naming convention – Update if necessary.

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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

Prepopulated with data submitted on the RPDI conformed to CDIAC’s naming convention – Update if necessary.

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Validation Action

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

Prepopulated with data submitted on the RPDI conformed to CDIAC’s naming convention – Update if necessary.

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Currency Debt Repayable

Is the debt repayable in non-US currency? Select Yes, No, or Unknown. - Mandatory entry field.

Prepopulated with data submitted on the RPDI conformed to CDIAC’s naming convention – Update if necessary.

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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.

Prepopulated with data submitted on the RPDI conformed to CDIAC’s naming convention – Update if necessary.

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Ballot Measure or Number Identifier

Enter the ballot measure or number identifier as it appeared on the ballot.

Prepopulated with data submitted on the RPDI conformed to CDIAC’s naming convention – Update if necessary.

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Voter Authorized Amount

Enter the total Debt amount authorized by voters.

Prepopulated with data submitted on the RPDI conformed to CDIAC’s naming convention – Update if necessary.

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Voter Authorization Reduced by this Issue

Enter the amount by which the voter authorized amount will be reduced by the issue.

Prepopulated with data submitted on the RPDI conformed to CDIAC’s naming convention – Update if necessary.

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Authorizing Statute1
Authorizing Statute 2

Select the statute(s) that authorizes the issuer to enter into this type of debt contract from the list below. If the authorizing statute(s) is/are not listed, select Other and provide the authorizing statute(s). The Authorizing Statute 1 field is a Mandatory entry field.

Prepopulated with data submitted on the RPDI conformed to CDIAC’s naming convention – Update if necessary.

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Actual Sale Date

Enter the date this debt issue was sold. CDIAC defines sale date in a negotiated saleor private placement as the date of the signing of the debt contract and in a competitive sale as the date of the bid acceptance. – Mandatory entry field.

Prepopulated with data submitted on the RPDI conformed to CDIAC’s naming convention – Update if necessary.

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Dated Date

Date on which interest begins to accrue. – Mandatory entry field.

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Settlement Date

Date of transfer of assets or rights to use from creditor to the issuer. - Mandatory entry field

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Principal Amount Sold

Enter the total principal amount of this issue. – Mandatory entry field.

Prepopulated with data submitted on the RPDI – Update if necessary.

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Refunding

Check Yes or No. Indicate the amount that is to be used to refund outstanding Debt of the issuer. – Mandatory entry field.

Prepopulated with data submitted on the RPDI – Update if necessary

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Redeem, Pay-down or Refinancing

Check Yes or No. Indicate the amount that is to be used to redeem, pay-down or refinance outstanding Debt of the issuer. – Mandatory entry field.

Prepopulated with data submitted on the RPDI – Update if necessary

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Issuer Contact

Enter contact information for the responsible person at issuing agency. E-mail address and phone number are mandatory entry fields. - Mandatory entry field.

Prepopulated with data submitted on the RPDI – Update if necessary.

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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 each individual county. – 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 and phone numbers are mandatory entry fields. - Mandatory entry field.

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Sale Type

Check either Competitive or Negotiated sale. California Government Code requires additional information when refunding debt or revenue bonds are sold on a private or negotiated basis. (See Reason for Negotiated Refunding and/or Reason for Negotiated Sale of Revenue Bonds below.)  – Mandatory entry field.

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Type of Debt Instrument

Prepopulated with data submitted on the RPDI – Update if necessary. – Mandatory entry field.

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Sources of Repayment

Prepopulated with data submitted on the RPDI – Update if necessary. – Mandatory entry field.

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Purposes of Financing/ Percentage Principal applied to each Purpose

Prepopulated with data submitted on the RPDI – Update if necessary. – Mandatory entry fields.

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Private Placement

If debt or other securities are publicly sold, 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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Invoicing Information

Enter the firm name, address, and the contact person responsible for ensuring the payment of the Commission's issuance fee. Government Code Section 8856 states that the fee is charged to the lead underwriter, purchaser or lender of the debt issue. CDIAC staff, however, will forward the invoice to the party identified in this section. Questions about the Commission's fee schedule can be directed to staff at (916) 653-3269. E-mail address and phone number 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 direct “LOAN” which is defined as 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). Although the financing may be handled by a co-financial advisor and several underwriting firms, the Commission will list only the lead firm for these categories. If no firm has been selected to fulfill a particular role, do not make an entry in that field.

Prepopulated with data submitted on the RPDI – Update if necessary.

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Maturity Schedule

Indicate if the maturity schedule is a stand-alone document to be uploaded or included in an Official Statement or Offering Memorandum. – Mandatory entry field.

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Maturity Structure

Indicate the structure of the maturity schedule: Serial, Term (one or more terms), or Combination (serial and term). – Mandatory entry field.

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Final Maturity Date

Enter the final maturity date for the issue, if applicable.

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First Optional Call Date

First date on which the debt may be redeemed or repaid, if applicable. For variable rate demand bonds, enter the first remarketing date.

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Senior/Subordinate Structure

Was the debt issued in a Senior/Subordinate structure? Select Yes or No. – Mandatory entry field.

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Official Statement/Offering Memorandum

Mark the appropriate box and upload the official statement/offering memorandum for this issue, if one was prepared. If none was prepared, refer to Government Code Section 8855(j) for alternative financing documents that must be provided. At least one financing document must be uploaded to complete submittal. – Mandatory entry field.

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Insurance/Guarantor Information

Select No if the issue was not guaranteed or check appropriate box for insurance, letter of credit, state intercept program, or other. Identity the guarantor firm or agency in the guarantor field, and date enhancement expires. – Mandatory entry field.

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Credit Rating

Indicate Not Rated or the rating(s) assigned to the debt issue by the credit rating agencies. – 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.

Prepopulated with data submitted on the RPDI – Update if necessary.

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Interest Type

Check the appropriate box that identifies the type(s) of interest in the data field(s). Types include NIC (net interest cost), TIC (true interest cost), Variable, or Other (fixed rate loan or based on an index.). Please provide both NIC and TIC if available. At least one selection must be made. – Mandatory entry field.

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Interest Cost

Please provide both NIC and TIC rates, if available.

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Capital Appreciation Debt

If the financing includes debt whose interest has a capital appreciation structure, select Yes. Select Yes even if current interest debt  is contained in the same issue.

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Rate Reduction Savings

If the financing consists of Rate Reduction Bonds ( Govt. Code §6588.7), enter in this field the dollar amount of savings realized by the sale rate reduction bonds rather than bonds paid from the revenues of the publicly owned utility.  If the financing is not a rate reduction bond, leave this field blank.

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Issuance Costs and Fees

Enter total dollar amount of the costs/fees of issuance paid by the issuer for the financing. These costs/fees may include, but are not limited to, costs for underwriter management fee, takedown and expenses, fees for bond counsel, financial advisor, trustee, credit enhancement, printing, etc. Include fees for roles/services not listed in the Other Expenses field. The Underwriter Spread or Discount and Total Issuance Costs fields are calculated fields in which no data may be entered.

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Discount/Premium

Enter the total dollar amount of the original issue discount  or premium on the financing. This information is generally identified in the official statement. The Net Original Issue Discount/Premium field is a calculated fields in which no data may be entered.

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Net Original Issue Premium used to refund, redeem, pay-down or refinance other debt.

Enter the amount of Net Original Issue Premium used to refund, redeem, pay-down or refinance other debt.

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Reason for Negotiated Refunding

If a local agency issuer sold refunding bonds at private (negotiated) sale, Government Code 53583(c)(2)(B) requires that the local agency, within 2 weeks of the sale, submit a written statement to the Commission stating the reason(s) why it did not sell the debt issue at a competitive sale. The most common reasons cited for offering the debt issue at negotiated rather than public sale are listed. If the reason is not listed, select Other and specify the reason. If the written statement was received prior to submission of the Report of Final Sale, the reason submitted will be prepopulated. – Mandatory entry field if “Yes” is selected in either or both of the “Refunding” or “Redeem, Refinance, Pay-down” fields.

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Reason for Negotiated Sale of Revenue Bonds If a local agency issuer sold public enterprise revenue bonds at private (negotiated) sale, Government Code 54418 requires that the local agency, within 2 weeks of the sale, submit a written statement to the Commission stating the reason(s) why it did not sell the debt issue at a competitive sale. The most common reasons cited for offering the debt issue at negotiated rather than public sale are listed. If the reason is not listed, select Other and specify the reason. If the written statement was received prior to submission of the Report of Final Sale, the reason submitted will be prepopulated

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Upload Supporting Documents At least one document must be uploaded to complete submission.

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