County of Los Angeles School District General Obligation Bonds White Paper
|
|
- Juliet Barrett
- 8 years ago
- Views:
Transcription
1 County of Los Angeles School District General Obligation Bonds White Paper California s Coalition for Adequate School Housing s Fall Conference Tuesday, October 18, 2011 Presented by: Donald Field, Esq. Partner Orrick, Herrington & Sutcliffe LLP Role of the County in School District General Obligation Bond Financing Issues bonds on behalf of School District SB 1118 (1999) allows School Districts to issue directly Issuance under Government Code * AB 1388 (2009) repeal of Government Code Section level debt service requirement * Government Code Section permits 40 year maturities Levies and collects ad valorem taxes to repay School District bonds Holds and invests School District funds 1
2 County of Los Angeles School District General Obligation Bonds White Paper Proposition 39 tax rate limits Use of bond premium to pay costs of issuance Borrowing from bond project funds 2 Proposition 39 Tax Rate Limits Tax rate as a result of any single election must be projected to be no more than (per $100,000 of assessed value): $30 for elementary and high school districts $60 for unified school districts The tax rate limit applies only when new bonds are issued; it is not a legal limitation upon the ability to levy taxes at such rate as may be necessary to pay debt service on the bonds once the bonds are issued 3
3 Questions Raised by Proposition 39 Tax Rate Limits If a School District has already exceeded its Proposition 39 tax rate limit for a ballot measure, can it issue additional debt under that ballot measure? Can a School District comply with the Proposition 39 tax rate limit by issuing bonds with debt service only in those years in which it projects it will not exceed the applicable tax rate limit? 4 Proposition 39 Tax Rate Projections Tax Rate per $100,000 of Assessed Value Tax Rate Fiscal Year Ending
4 Education Code Section (elementary and high school districts) The bonds may only be issued if the tax rate levied to meet the requirements of Section 18 of Article XVI of the California Constitution in the case of indebtedness incurred by a school district pursuant to this chapter, at a single election, would not exceed thirty dollars ($30) per year per one hundred thousand dollars ($100,000) of taxable property when assessed valuation is projected by the district to increase in accordance with Article XIII A of the California Constitution. (Education Code Section includes similar language for unified school districts.) 6 Bond Premium to Pay Costs of Issuance Historical practice of setting the minimum price for bonds to be sold at not less than the principal amount thereof and requiring underwriters to pay costs of issuance (i.e., underwriter s discount, financial adviser fees, legal fees, rating agency fees, etc.) The result of this practice is that all of the principal amount of the voter approved bonds is used to finance authorized projects 7
5 March 1, 2011 Attorney General Letter The law is clear that any premium, even if legitimate, must be deposited into a special fund, applied to pay debt service, and therefore cannot be diverted to pay costs of issuance. Further, the practice of artificially inflating the interest rate to generate premium for unauthorized uses translates into additional bond proceeds over and above what the voters authorized. Although we are mindful of the costs of litigation to school districts and municipalities around the state, we will scrutinize proposed bond issues such as this in the future. Should such practices continue, we may be compelled to intervene. 8 Bond Proceeds Components Education Code Section 15146(f) The proceeds of the sale of the bonds, exclusive of any premium received, shall be deposited in the county treasury to the credit of the building fund of the school district, or community college district as designated by the California Community Colleges Budget and Accounting Manual. Any premium or accrued interest received from the sale of the bonds shall be deposited in the interest and sinking fund of the district. 9
6 Meaning of the word Premium An Interpretation Consistent with Historical Practice The word premium, which generally refers to an amount which is over and above a base price or amount, is used in several different ways within a bond transaction It is clear from context of the statute that the premium referred to in Education Code Section 15146(f) is the District s premium: that part of the purchase price of the bonds over and above the principal or par amount of the bonds This should not be confused with reoffering premium, also known as original issue premium, which is the amount received by the underwriter of the bonds upon resale of the bonds to the investing public over and above the principal amount of the bonds sold 10 What to do Going Forward There are certain risks associated with legal positions some are political (which may result in voter backlash even if legally correct) and some are financial (i.e., costs of defending a legal challenge even if successful) A legal position is not a guaranty and the Attorney General s office has put School Districts on notice that it may intervene if practice continues School District officials should continue practice only after consideration of the issues and risks (political and financial) School Districts calling new elections should consider including issuance costs in authorized bond amount to avoid issue completely 11
7 School District Cash Management Options for cash management include the following: Tax and Revenue Anticipation Notes (Government Code Section et seq.) Temporary Borrowing (Conditional Apportionment) from County Office of Education (Education Code Section 42622) Temporary Borrowing from County Treasurer (California Constitution Article XVI, Section 6; Education Code Section 42620) Temporary Interfund Transfers (Education Code Section 42603) 12 Temporary Interfund Transfers Education Code Section The governing board of any school district may direct that moneys held in any fund or account may be temporarily transferred to another fund or account of the district for payment of obligations. The transfer shall be accounted for as temporary borrowing between funds or accounts and shall not be available for appropriation or be considered income to the borrowing fund or account. Amounts transferred shall be repaid either in the same fiscal year, or in the following fiscal year if the transfer takes place within the final 120 calendar days of a fiscal year. Borrowing shall occur only when the fund or account receiving the money will earn sufficient income, during the current fiscal year, to repay the amount transferred. No more than 75 percent of the maximum of moneys held in any fund or account during a current fiscal year may be transferred. 13
8 Temporary Borrowing from Bond Project Funds Does a temporary transfer of bond funds run afoul of California Constitutional and statutory provisions limiting use of bond proceeds Fiscal Crisis and Management Assistance Team (FCMAT) Treasurer and Tax Collector of the County of Los Angeles Other considerations: Covenants in bond documents Federal tax law concerns Securities law issues 14 THE PRESENTER Donald Field, Esq. Donald Field, Esq. Orrick, Herrington & Sutcliffe LLP OC tel: ; LA tel: dfield@orrick.com Donald Field, a public finance partner resident in Orrick s Orange County and Los Angeles offices, has extensive experience in the financing techniques used by school districts in California, and has drafted and reviewed scores of school bond measures. His practice focuses on local governmental infrastructure financing, including general obligation bond financing, land-secured financing and municipal lease financing, as well as tax and revenue anticipation note (TRAN), pension obligation and other postemployment benefits (OPEB) obligation financings. He is the Co-Chair of Orrick s practice group for School Finance and General Obligation Bonds and the principal author and editor of the third edition of The XYZs of California School District Debt Financing, published by Orrick in Orrick, Herrington & Sutcliffe LLP has maintained a substantial practice in the area of public finance for over a century. It has been the premier bond counsel firm in California throughout that period, and has been ranked first in the country for most of the last ten years in total volume of financings for which it served as bond counsel. Orrick s public finance attorneys are located in Irvine, Los Angeles, Sacramento, San Francisco, Portland, Seattle, New York and Washington, D.C. From these offices, Orrick serves as bond counsel for issuers in more than 40 states, several territories and other countries. The firm s website is 15
school district bond counsel services in oregon Second Edition
school district bond counsel services in oregon Second Edition table of contents Orrick s Role as Your Bond Counsel...................... 1 Who We Are.......................................... 2 Commitment
More informationAre the November State Tax Initiatives worrying you about going for a local school bond or parcel tax election?
Are the November State Tax Initiatives worrying you about going for a local school bond or parcel tax election? Teleconference on November 2012 Local School Bond and Parcel Tax Election Strategies May
More informationFINANCE 101: A Facilities Financing Odyssey Understanding School District Finance February 25, 2014
FINANCE 101: A Facilities Financing Odyssey Understanding School District Finance February 25, 2014 MODERATOR: John R. Baracy Managing Director Stifel, Nicolaus & Company, Incorporated PANELISTS: Gary
More informationThe Roles of. for School District Public Financing
The Roles of Finance Team Members for School District Public Financing presented by Adam Bauer, Principal i Fieldman, Rolapp & Associates (949) 660-7303 (949) 295-5735 abauer@fieldman.com FRA127653 Presenter:
More informationHow To Finance School District Debt Financing
of the california school district debt financing Third Edition Greg Harrington John Hartenstein Donald Field the of california school district debt financing Third Edition the of california school district
More informationSKAGIT COUNTY DEBT POLICY. Page 1 of 12
SKAGIT COUNTY DEBT POLICY Page 1 of 12 SKAGIT COUNTY DEBT POLICY INDEX Page I. Roles and Responsibilities 3 II. Debt and Capital Planning 3-4 III. Credit Objectives 4-5 IV. Purpose, Type and Use of Debt
More informationDebt Management Policies & Guidelines
Debt Management Policies & Guidelines January, 2004 PREPARED BY: ANDREW E. MEISNER, COUNTY TREASURER PATRICK M. DOHANY, COUNTY TREASURER I. COUNTY'S DEBT POLICY A. Purpose The County recognizes the foundation
More informationJune, 2015 DEBT MANAGEMENT PLAN COUNTY OF ELKO, NEVADA
June, 2015 DEBT MANAGEMENT PLAN COUNTY OF ELKO, NEVADA Introduction The County of Elko (the "County") has a Capital Improvement Plan (CIP) which is a multi-year planning document that identifies and prioritizes
More informationDEBT MANAGEMENT POLICY ANNUAL UPDATE HUMBOLDT COUNTY, NEVADA
DEBT MANAGEMENT POLICY ANNUAL UPDATE HUMBOLDT COUNTY, NEVADA July, 2015 TABLE OF CONTENTS I. INTRODUCTION 1 II. ABILITY TO AFFORD EXISTING GENERAL OBLIGATION DEBT, AUTHORIZED FUTURE GENERAL OBLIGATION
More informationRole of Financial Advisors
Local School Finance Emporium Financial Advisor What You Need to Know May 2012 Keygent LLC 999 N. Sepulveda Blvd., Suite 570 El Segundo, CA 90245 (310) 322 4222 Role of Financial Advisors A financial advisor
More informationGeneral. Scope. Objectives. The objective of the Policy is to ensure prudent debt management practices that include:
General This Policy (the Policy ) establishes conditions for the use of debt and creates procedures and policies designed to manage the Alamo Community College District s (the College District ) obligations
More informationState Bond Commission was created by Article VII, Section 8 of the Louisiana Constitution of 1974
NAVIGATING THE LOUISIANA STATE BOND COMMISSION Louisiana District Attorney Association Fall Conference November 21, 2013 Creation and Purpose State Bond Commission was created by Article VII, Section 8
More informationRELEVANT GOVT CODE AND ED CODE SECTIONS FOR SCHOOL DIST GO BONDS
RELEVANT GOVT CODE AND ED CODE SECTIONS FOR SCHOOL DIST GO BONDS Issues of particular interest to Treasurer-Tax Collectors are highlighted in blue Added comments are highlighted in Yellow GOVERNMENT CODE
More informationOrange Unified School District
Orange Unified School District March 14, 2013 Overview of California Education Finance Keygent LLC 999 N. Sepulveda Blvd., Suite 500 El Segundo, CA 90245 (310) 322 4222 Table of Contents Section I. Introduction
More informationSTATE OF MICHIGAN. Bond Qualification Process Overview. School Bond Qualification and Loan Program Bureau of Bond Finance
Michigan Department of Treasury 3160, (Rev. 4-06) STATE OF MICHIGAN Bond Qualification Process Overview School Bond Qualification and Loan Program Bureau of Bond Finance Michigan Department of Treasury
More informationFiscal Year 2013-14 LAUSD Debt Report and Debt Management Policy Changes
Fiscal Year 2013-14 LAUSD Debt Report and Debt Management Policy Changes Presentation to the Budget, Facilities and Audit Committee Office of the Chief Financial Officer May 7, 2015 District s Debt Policy
More informationNEW CONSTRUCTION BP 7214. General Obligation Bonds. I-Facilities
NEW CONSTRUCTION General Obligation Bonds I-Facilities The Governing Board recognizes that school facilities are an essential component of the educational program and that the Board has a responsibility
More informationIncurring of Indebtedness
Incurring of Indebtedness Goals for this Session Basic Understanding of: The decision to borrow Financing options Overview of the State Bond Commission The Decision to Borrow Develop a long range plan
More informationMATURITY SCHEDULES (See Inside Cover) The Bonds are subject to redemption as described herein. See THE BONDS Redemption herein.
NEW ISSUE FULL BOOK-ENTRY RATINGS: Moody s: Aa2 S&P: AA- (See MISCELLANEOUS Ratings herein.) In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the San Diego Unified School District,
More informationWEST BASIN MUNICIPAL WATER DISTRICT Debt Management Policy Administrative Code Exhibit G January 2015
1.0 Purpose The purpose of this Debt Management Policy ( Policy ) is to establish parameters and provide guidance as to the issuance, management, continuing evaluation of and reporting on all debt obligations.
More informationChapter 32 Utah Interlocal Financing Authority Act
Chapter 32 Utah Interlocal Financing Authority Act 11-32-1 Short title. (1) This chapter shall be known as the "Utah Interlocal Financing Authority Act." (2) All bonds issued pursuant to authority of this
More informationCITY OF SEATTLE DEBT MANAGEMENT POLICIES
CITY OF SEATTLE DEBT MANAGEMENT POLICIES Introduction The following policies are enacted to maintain standard and rational practices for the issuance and management of debt by the City of Seattle. Their
More information2012-13 Annual Debt Report. Business Services January 21, 2014. For the Period Ending June 30, 2013. 2012-13 Annual Debt Report.
2012-13 Annual Debt Report For the Period Ending June 30, 2013 Business Services January 21, 2014 2012-13 Annual Debt Report. 2012-13 Annual Debt Report Page intentionally left blank. TABLE OF CONTENTS
More informationVirginia State University Policies Manual. Title: Debt Management Guidelines and Procedures Policy: 1500
Purpose a. To provide guidance to Virginia State University in undertaking long-term debt obligations benefiting the University. b. To provide a structured framework for the issuance of long-term debt
More informationDebt Management Policy
Debt Management Policy Introduction One of the keys to sound financial management is the development of a debt policy. This need is recognized by bond rating agencies, and development of a debt policy
More informationDEBT MANAGEMENT POLICY
Introduction New Hanover County recognizes that a formal debt policy is essential to effective financial management. Adherence to a debt management policy signals to rating agencies and the capital markets
More informationCity of Philadelphia Debt Management Policy December 2009
City of Philadelphia Debt Management Policy December 2009 I. INTRODUCTION While the issuance of debt is often an appropriate method of financing capital projects and major equipment acquisition, it needs
More informationSECONDARY PROPERTY TAX FUNDED DEBT
SECONDARY PROPERTY TAX FUNDED DEBT Secondary property tax revenue is restricted solely to paying General Obligation (G.O.) debt service. There are three components that need to be measured before additional
More informationSECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET
SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR 2015-16 OPERATING AND CAPITAL BUDGET In Accordance With NRS 350.013 June 30, 2015 7-1 Table of Contents Introduction... 7-3
More informationPUBLIC FINANCE HANDBOOK FOR TEXAS COUNTIES
PUBLIC FINANCE HANDBOOK FOR TEXAS COUNTIES 2014 PREPARED BY THOMAS M. POLLAN BICKERSTAFF HEATH DELGADO ACOSTA LLP 3711 S. MoPac Expressway Building One, Suite 300 Austin, Texas 78746 (512) 472-8021 (512)
More informationTOBACCO SECURITIZATION B O N D I S S U A N C E I N C A L I F O R N I A
C A L I F O R N I A D E B T A N D I N V E S T M E N T A D V I S O R Y C O M M I S S I O N I S S U E B R I E F TOBACCO SECURITIZATION B O N D I S S U A N C E I N C A L I F O R N I A C D I A C # 0 8. 0 4
More informationDEBT MANAGEMENT POLICY
DEBT MANAGEMENT POLICY STLOS ANGELES UNIFIED SCHOOL DI RICT BOARD OF EDUCATION Prepared by: The Office of the Chief Financial Officer September 13, 2011 DEBT MANAGEMENT POLICY Index Background... 3 Article
More informationSection I. Introduction
Section I. Introduction Purpose and Overview In its publication entitled Best Practice Debt Management Policy, the Government Finance Officers Association (GFOA) states that Debt management policies are
More informationDEBT MANAGEMENT POLICY AND PROPOSED CERTIFICATES OF PARTICIPATION (COPs) TRANSACTION
DEBT MANAGEMENT POLICY AND PROPOSED CERTIFICATES OF PARTICIPATION (COPs) TRANSACTION Los Angeles Unified School District Office of the Chief Financial Officer Background Since 1990, District has issued
More informationM E M O R A N D U M EUGENE WATER & ELECTRIC BOARD
M E M O R A N D U M EUGENE WATER & ELECTRIC BOARD TO: Commissioners Mital, Simpson, Helgeson, Manning and Brown FROM: Sue Fahey, Finance Manager; Susan Eicher, Accounting & Treasury Supervisor DATE: August
More informationSTATE OF OKLAHOMA. 2nd Session of the 49th Legislature (2004) COMMITTEE SUBSTITUTE
STATE OF OKLAHOMA 2nd Session of the 49th Legislature (2004) COMMITTEE SUBSTITUTE FOR HOUSE BILL NO. 2660 By: Adair of the House and Hobson of the Senate COMMITTEE SUBSTITUTE An Act relating to revenue
More informationDEBT MANAGEMENT POLICY
Page 1 of 5 DEBT LIMITS Credit Ratings The school district seeks to maintain the highest possible credit ratings for all categories of short- and long-term debt that can be achieved without compromising
More information$7,465,000 COMMUNITY FACILITIES DISTRICT NO. 43 (EASTVALE AREA) OF JURUPA COMMUNITY SERVICES DISTRICT SPECIAL TAX BONDS, 2016 SERIES A
NEW ISSUE BOOK-ENTRY ONLY NO RATING In the opinion of Best Best & Krieger LLP, Riverside, California, Bond Counsel, subject to certain qualifications described in the Official Statement, under existing
More informationCalifornia Tax Disclosure Report
California Tax Disclosure Report This report satisfies the seller's obligation, pursuant to Civil Code Section 1102.6b, to disclose all special tax and/or assessment districts affecting the subject property
More informationCamrosa Water District Financing Authority
January 30, 2012 Camrosa Water District Financing Authority Board Memorandum To: From: Subject: Board of Directors of the Camrosa Water District Financing Authority Tamara Sexton, Business Services Manager
More informationBOND ORDINANCE NO. 16-2015
BOND ORDINANCE NO. 16-2015 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ELIZABETHTOWN, KENTUCKY, AUTHORIZING AND APPROVING THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES OF 2015 IN A PRINCIPAL
More informationCOUNTY OF SAN DIEGO, CALIFORNIA BOARD OF SUPERVISORS POLICY
I-136 1 of 10 Purpose In compliance with Section 53312.7 of the Government Code, the County of San Diego (County) has developed the following Goals and Policies where special taxes may be levied within
More informationPROP. 41 (June, 2014): VETERANS HOUSING AND HOMELESS PREVENTION BOND ACT
Board of Directors Policy Committee: Home Ownership Housing Committee (Information only) Level of Government Committee: Legislative Committee (Information Only) May 2, 2014 PROP. 41 (June, 2014): VETERANS
More informationCITY OF MORENO VALLEY SPECIAL DISTRICT FINANCING POLICY
Page 1 PURPOSE: This policy outlines parameters for the public financing of major public facilities and ongoing funding for service programs and maintenance of public facilities through the establishment
More informationRESOLUTION TO BORROW AGAINST ANTICIPATED DELINQUENT 2013 REAL PROPERTY TAXES
RESOLUTION TO BORROW AGAINST ANTICIPATED DELINQUENT 2013 REAL PROPERTY TAXES At a regular meeting of the Board of Commissioners of the County of Washtenaw, State of Michigan, held at Ann Arbor, Michigan,
More informationDebt Policy Certification Program
Washington Municipal Treasurers Association Debt Policy Certification Program Sample Debt Policy [ISSUER NAME] [EMBLEM OF ISSUER] DEBT POLICY (SAMPLE) ADOPTED [DATE] (DRAFT 7/28/2003) TABLE OF CONTENTS
More informationGENERA L OBLIGATION DEBT SERVICE SUMMARY
GENERA L OBLIGATION DEBT SERVICE SUMMARY General Obligation debt is secured by and payable from the receipts of annual ad valorem taxes, within legal limits, on taxable property within the City. The City
More informationb. provide guidelines to control the overall debt management process so that all liabilities are managed in accordance with stated objectives;
Policy 6.085 Debt Management 1. Purpose The purpose of this Policy is to establish guidance for the issuance and management of the debt of the School District. Such debt includes short-term and long-term
More informationCambrian School District
Disclaimer: Provided for distribution in advance of the meeting. Please see Board minutes for Q&A and verbal commentary. Cambrian School District Report on Taxpayer Savings from Measure G Bond Refinancing
More informationAN OVERVIEW OF FUNDING SOURCES
AN OVERVIEW OF FUNDING SOURCES Property Tax Background & Definition: Ad valorem property taxes are levied based on a percentage of the fair market value of real property. Since Fiscal Year 1979, following
More informationADMINISTRATIVE REGULATION AR: 6.03 DATE APPROVED September 10, 2002 ORIGINATING DEPARTMENT:
ADMINISTRATIVE REGULATION AR: 6.03 DATE APPROVED September 10, 2002 SUBJECT: ORIGINATING DEPARTMENT: Debt Management Policy Office of Management & Budget Page 1 of 8 I. PURPOSE: The County recognizes the
More informationFINANCE AND AUDIT COMMITTEE OF THE UTILITY DEBT SECURITIZATION AUTHORITY MINUTES OF THE 5 TH MEETING HELD ON JULY 28, 2015 IN UNIONDALE, NY
FINANCE AND AUDIT COMMITTEE OF THE UTILITY DEBT SECURITIZATION AUTHORITY MINUTES OF THE 5 TH MEETING HELD ON JULY 28, 2015 IN UNIONDALE, NY The Finance and Audit Committee (the Committee ) of the Utility
More informationSPEER FINANCIAL, INC. INDEPENDENT MUNICIPAL ADVISORS
INDEPENDENT MUNICIPAL ADVISORS TO: FROM: RE: Purchasers of General Obligation Bonds David F. Phillips, Speer Financial Inc. Chicago Ridge Park District, DATE: October 16, 2015 Bid Packet The enclosed materials
More informationCity of Missoula Debt Management. Major Bond Issues. Outstanding Debt DEBT MANAGEMENT. City of Missoula FY 2015 Annual Budget Page I - 1
City of Missoula Debt Management Debt in a governmental entity is an effective financial management tool. Active debt management provides fiscal advantages to the City of Missoula and its citizens. Debt
More informationThis policy will assist the School District in advancing the following goals:
School Reform Commission Policy 623: DEBT POLICY BACKGROUND Debt management policies are written guidelines that affect the amount and type of debt issued by a state or local government, the issuance process,
More informationPUBLIC FINANCE ISSUES FOR CITIES, COUNTIES AND SPECIAL DISTRICTS IN TEXAS
PUBLIC FINANCE ISSUES FOR CITIES, COUNTIES AND SPECIAL DISTRICTS IN TEXAS By Thomas M. Pollan Bickerstaff Heath Delgado Acosta LLP 816 Congress Avenue, Suite 1700 Austin, Texas 78701-2443 (512) 472-8021
More informationContra Costa County, California Debt Management Policy
Contra Costa County, California Debt Management Policy County Administration 651 Pine Street, 10 th Floor Martinez, California 94553 925-335-1023 lisa.driscoll@cao.cccounty.us Resolution No. 2015/245 Resolution
More informationSummary of SB 107 (Budget and Fiscal Review) Chapter 325, Statutes of 2015
Important Dates Summary of SB 107 (Budget and Fiscal Review) Chapter 325, Statutes of 2015 November 1, 2015: Deadline for Successor Agency (SA) for a Redevelopment Agency (RDA) that was not allocated property
More informationBe it enacted by the General Assembly of the State of Colorado:
NOTE: This bill has been prepared for the signature of the appropriate legislative officers and the Governor. To determine whether the Governor has signed the bill or taken other action on it, please consult
More informationLegislative findings and declaration of purpose. Pennsylvania Economic Revitalization Fund.
PENNSYLVANIA ECONOMIC REVITALIZATION ACT Act of Jul. 2, 1984, P.L. 512, No. 104 AN ACT Cl. 12 Implementing the provisions of the referendum, approved by the electors, for the incurrence of indebtedness
More informationAN INTRODUCTION TO MUNICIPAL LEASE FINANCING: ANSWERS TO FREQUENTLY ASKED QUESTIONS
AN INTRODUCTION TO MUNICIPAL LEASE FINANCING: ANSWERS TO FREQUENTLY ASKED QUESTIONS Dated July 1, 2000 Copyright 2000. Association for Governmental Leasing & Finance, Washington, DC. All rights reserved.
More informationLONG TERM OBLIGATION (LTO) FINANCING POLICY A Strategy for the Acquisition or Replacement of City Assets
PURPOSE CITY OF LINDSBORG LONG TERM OBLIGATION (LTO) FINANCING POLICY A Strategy for the Acquisition or Replacement of City Assets The Long-Term Obligation Financing (LTO) Policy Statement sets forth comprehensive
More informationMEASURES J (2005) AND D (2010) PERFORMANCE AUDIT JUNE 30, 2013. February 11, 2014
West Contra Costa Unified School District MEASURES J (2005) AND D (2010) PERFORMANCE AUDIT JUNE 30, 2013 February 11, 2014 TOTAL SCHOOL SOLUTIONS 4751 MANGELS BOULEVARD FAIRFIELD, CA 94534 West Contra
More informationDEBT MANAGEMENT. Overview of Debt Management. Gallatin County Debt Management. Approved Bond Issues
373 Gallatin County Debt Management Debt, in a governmental entity, is an effective financial management tool. Active debt management provides fiscal advantages to the County and its citizens. Debt can
More informationCFDs, SFIDs, and DEVELOPER FEES
CFDs, SFIDs, and DEVELOPER FEES Sandi Burgoyne, Director Poway Unified School District 13626 Twin Peaks Road Poway, CA 92064 AUGUST 23, 2013 Community Facilities Districts (CFDs) - Just What Are They»
More informationWORKING CAPITAL FINANCINGS IN TIMES OF FISCAL DISTRESS TAX CONSIDERATIONS
WORKING CAPITAL FINANCINGS IN TIMES OF FISCAL DISTRESS TAX CONSIDERATIONS By Robert J. Eidnier I. What Is Working Capital? A. The tax-exempt bond regulations define working capital as any expenditure that
More informationATTACHMENT D CHARTER SCHOOLS IN MICHIGAN
ATTACHMENT D CHARTER SCHOOLS IN MICHIGAN Introduction In December of 1993, Michigan became the ninth state to pass charter school legislation. The current charter school statute applicable to this RFP
More informationCHAPTER 7 General Journal Entries
CHAPTER 7 Journal Entries Table of Contents Section Page INTRODUCTION 1 1 GENERAL FUND JOURNAL ENTRIES 2 1 Opening Entry... 1 Budget Entries... 2 Budget Entries Modifications... 2 Revenues Property Tax...
More informationSubject: RESOLUTION 14-04-21 OF THE TRI-COUNTY METROPOLITAN TRANSPORTATION DISTRICT OF OREGON (TRIMET) AMENDING TRIMET S DEBT MANAGEMENT POLICY
Date: April 23, 2014 To: From: Board of Directors Neil McFarlane Subject: RESOLUTION 14-04-21 OF THE TRI-COUNTY METROPOLITAN TRANSPORTATION DISTRICT OF OREGON (TRIMET) AMENDING TRIMET S DEBT MANAGEMENT
More informationCity of Hercules Agenda Item Transmittal
City of Hercules Agenda Item Transmittal Meeting October 27, 2009 Agenda Item Number: IX.6 Agenda Item Wording: Adopt A Resolution Approving The Form Of And Authorizing The Execution And Delivery Of A
More informationMichigan School Loan Revolving Fund General Instructions for Completing Annual Repayment Activity Application
Michigan School Loan Revolving Fund General Instructions for Completing Annual Repayment Activity Application It is a statutory requirement that the district submit a completed Annual Repayment Activity
More informationSPEER FINANCIAL, INC.
SPEER FINANCIAL, INC. INDEPENDENT PUBLIC FINANCE CONSULTANTS SINCE 1954 Suite 608 531 Commercial Street Waterloo, Iowa 50701 (319) 291-2077 FAX (319) 291-8628 Suite 4100 One North LaSalle Street Chicago,
More informationCity of Portland, Oregon--Debt Management Policy
City of Portland, Oregon--Debt Management Policy I. GENERAL PROVISIONS A. Purpose of Debt Management Policy. This Debt Management Policy provides a general framework under which the City plans for and
More informationCHAPTER 42 WATER REVENUE BONDS
Page 1 CHAPTER 42 WATER REVENUE BONDS AN ORDINANCE TO PROVIDE FOR THE ISSUANCE AND SALE OF WATER SUPPLY SYSTEM REVENUE BONDS OF THE CITY OF LAPEER FOR THE PURPOSE OF CONSTRUCTING IMPROVEMENTS, REPAIRS,
More informationARTICLE XII FISCAL ADMINISTRATION
(l) The voters declare that the provisions of this Section are not severable, and none would have been enacted without the others. Should any portion of this Section 1111 be enjoined or declared invalid,
More informationPrepared by Jennifer Lockwood, Associate Research Analyst July 21, 2015 15FS020
FACT SHEET W Y O M I N G L E G I S L A T I V E S E R V I C E O F F I C E Prepared by Jennifer Lockwood, Associate Research Analyst July 21, 2015 15FS020 BONDING AUTHORITY PROVISIONS Table 1, below, displays
More informationand residents sixty years of age or older who are surviving spouses
Chapter 2 Tax Levies 2013 Chapter 2: Tax Levies GENERALLY The authority for levying taxes on real property, and for limiting or exempting certain types of real property from taxation, is set forth in Section
More informationNOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF WICHITA, KANSAS, AS FOLLOWS:
ORDINANCE NO. 50-096 AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF WATER AND SEWER UTILITY REVENUE BONDS, SERIES 2015C, OF THE CITY OF WICHITA, KANSAS; MAKING CERTAIN COVENANTS AND AGREEMENTS
More informationAN OVERVIEW OF ARKANSAS TAX INCREMENT FINANCING DISTRICT LAW. Tax increment financing districts, otherwise known as "redevelopment" or "TIF"
AN OVERVIEW OF ARKANSAS TAX INCREMENT FINANCING DISTRICT LAW Tax increment financing districts, otherwise known as "redevelopment" or "TIF" districts, are used in many states as an economic development
More informationDeveloping a Debt Management Policy
California Debt and Investments Advisory Commission The Mechanics of a Bond Sale Developing a Debt Management Policy David Persselin, City of San José Jo Mortensen, Public Resources Advisory Group March
More informationCity of Philadelphia Debt Management Policy August 2015
City of Philadelphia Debt Management Policy August 2015 I. INTRODUCTION While the issuance of debt is often an appropriate method of financing capital projects and major equipment acquisition, it needs
More informationCHAPTER 2014-254. Committee Substitute for Committee Substitute for House Bill No. 1445
CHAPTER 2014-254 Committee Substitute for Committee Substitute for House Bill No. 1445 An act relating to the Citrus County Hospital Board, Citrus County; amending chapter 2011-256, Laws of Florida; authorizing
More informationREQUEST FOR PROPOSALS. For FINANCIAL ADVISORY SERVICES
REQUEST FOR PROPOSALS For FINANCIAL ADVISORY SERVICES Request for Proposals Issued: July 30, 2012 Deadline for Submittal of Proposals: August 17, 2012 Request for Proposals for Financial Advisory Services
More informationCONSULTING SERVICES AGREEMENT
CONSULTING SERVICES AGREEMENT This CONSULTING SERVICES AGREEMENT (this Agreement ) is dated as of the latest date set forth on the signature page hereto (the Effective Date ) and is entered into by and
More informationOVERVIEW OF ARIZONA STATE PROPERTY TAX SYSTEM IN MARICOPA COUNTY
Maricopa County Department of Finance Prepared: 10/22/13 OVERVIEW OF ARIZONA STATE PROPERTY TAX SYSTEM IN MARICOPA COUNTY The following Overview of the Arizona State Property Tax System was prepared by
More informationBUDGET AND FINANCIAL PLAN SUMMARY FILE
BUDGET AND FINANCIAL PLAN SUMMARY FILE BUDGETED REVENUES, EXPENDITURES, AND CHANGES IN CURRENT NET ASSETS Last Year (Actual) 2013 Current Year (Estimated) 2014 Adopted 2015 Proposed 2016 Proposed 2017
More informationMICHIGAN DEPARTMENT OF TREASURY. Bureau of. Bond Finance. www.michigan.gov/bondfinance
MICHIGAN DEPARTMENT OF TREASURY Bureau of Bond Finance www.michigan.gov/bondfinance MISSION STATEMENT The Bureau of Bond Finance will achieve and maintain access to the financial market at the lowest cost
More informationDEBT ISSUANCE MANUAL SEPTEMBER 2007. Published by the League of Oregon Cities
L E A G U E O F O R E G O N C I T I E S DEBT ISSUANCE MANUAL SEPTEMBER 2007 Published by the League of Oregon Cities LEAGUE OF OREGON CITIES DEBT ISSUANCE MANUAL LEAGUE OF OREGON CITIES 1201 Court Street
More informationD R A F T. LC 6 2016 Regular Session 1/5/16 (DFY/ps)
LC 0 Regular Session // (DFY/ps) D R A F T SUMMARY Authorizes mass transit district to impose tax on employees of employers within district if district imposes excise tax on those employers. Restricts
More informationDISCLAIMER: Nothing contained in this booklet should be construed or relied upon as legal
DISCLAIMER: Nothing contained in this booklet should be construed or relied upon as legal advice. Instead, this booklet is intended to serve as an introduction to the general subject of the use of tax-exempt
More informationNOTICE OF SALE TOWNSHIP OF HOWELL (Monmouth Township, New Jersey) $13,000,000 TAX ANTICIPATION NOTES OF 2016 BOOK-ENTRY ONLY NON-CALLABLE
NOTICE OF SALE TOWNSHIP OF HOWELL (Monmouth Township, New Jersey) $13,000,000 TAX ANTICIPATION NOTES OF 2016 BOOK-ENTRY ONLY NON-CALLABLE Bids are being solicited through a fair and open process in accordance
More informationQualified Zone Academy Bonds, Qualified School Construction Bonds, and Build America Bonds
Qualified Zone Academy Bonds, Qualified School Construction Bonds, and Build America Bonds American Recovery and Reinvestment Act Coordination Meeting: Puget Sound Regional Council, Friday, August 14,
More informationSTATE OF WEST VIRGINIA HIGHER EDUCATION POLICY COMMISSION
STATE OF WEST VIRGINIA HIGHER EDUCATION POLICY COMMISSION REVENUE REFUNDING BONDS (HIGHER EDUCATION FACILITIES), COMBINED SPECIAL-PURPOSE FINANCIAL STATEMENTS - MODIFIED CASH Years Ended CliftonLarsonAllen
More informationDebt Service Fund - General Obligations Bonds RESTRICTED FUND*
Fiscal Year 2009-10 Debt Service Fund - General Obligations Bonds RESTRICTED FUND* Debt Service Fund - General Obligations Bonds Total in Fund for 2009-10: $31,152,639 When the District sells bonds to
More informationJoint Powers Authority Bond Counsel and Tax Counsel Legal Services
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY REQUEST FOR PROPOSALS for Joint Powers Authority Bond Counsel and Tax Counsel Legal Services Dated: May 1, 2011 Response Deadline: Friday, May 27, 2011 by 5:00
More informationSchool District Bond Issues
MICHIGAN DEPARTMENT OF TREASURY BUREAU OF STATE AND AUTHORITY FINANCE SCHOOL BOND QUALIFICATION AND LOAN PROGRAM 2014 Annual Report Table of Contents 1 Program Overview 3 Statewide Perspective 4 School
More informationSouthwestern Community College District
Southwestern Community College District Chula Vista, California Basic Financial Statements and Independent Auditors Report TABLE OF CONTENTS Page INTRODUCTORY SECTION Board of Trustees and Executive Officials...i
More informationState Cashflow Management
Informational Paper 77 State Cashflow Management Wisconsin Legislative Fiscal Bureau January, 2009 State Cashflow Management Prepared by Dave Loppnow Wisconsin Legislative Fiscal Bureau One East Main,
More informationSchool District Bonding, the Current Market, and the New Tax Levy Limitation Law
School District Bonding, the Current Market, and the New Tax Levy Limitation Law by Douglas E. Goodfriend, Esq. On June 24, 2011, Chapter 97 of the Laws of 2011 was signed into law by the Governor (the
More informationFinancial Statements and Supplementary Information. June 30, 2012 and 2011
Financial Statements and Supplementary Information June 30, 2012 and 2011 (With Independent Auditors Report Thereon) Table of Contents Independent Auditors Report 1 Financial Statements: Statements of
More information