Item 14 - Resolution Approving Revisions to the City's Municipal Securities

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Finance and Management Services www.santa-ana.org/finance Item # 14 City of Santa Ana 20 Civic Center Plaza, Santa Ana, CA 92701 Staff Report December 3, 2024 TOPIC: Municipal Securities Continuing Disclosure Policy and Procedures AGENDA TITLE Resolution Approving Revisions to the City’s Municipal Securities Continuing Disclosure Policy And Procedures RECOMMENDED ACTION 1. Adopt a resolution approving revisions the City’s Municipal Securities Continuing Disclosure Policy and Procedures RESOLUTION NO. 2024-XXX entitled A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING REVISIONS TO THE MUNICIPAL SECURITIES DISCLOSURE POLICY AND PROCEDURES GOVERNMENT CODE §84308 APPLIES: No DISCUSSION The Finance and Management Services Agency (FMSA) oversees the continuing disclosure requirements pursuant to the U.S. Securities and Exchange Commission (SEC) Rule 15c2-12. Issuers of debt are required under most circumstances to provide financial and operating information on an annual basis with the Municipal Securities Rulemaking Board (MSRB) using the Electronic Municipal Market Access system (EMMA). The Santa Ana Issuers must comply with any required filings in a timely manner in accordance with their respective offering documents for the obligations. Finance staff evaluates the City’s policy regularly with regard to industry standards and best practices. The policy was last approved by the City Council on June 21, 2016, and has since been reviewed by the City's financial advisor to ensure compliance with current financial standards and best practices. This policy and the associated procedures are intended to ensure that all fillings required under the rule are made timely and all requirements set forth in the Continuing Disclosures Undertakings are met. The Municipal Securities Continuing Disclosure Policy and Procedures outlines the following: •General principals