8 CCR 1508-2-1.12 - Disclosure and Continuing Disclosure
A. The State
Treasurer is responsible for disclosure responsibilities under the continuing
disclosure undertakings of State Financial Obligations. The State Treasurer
will make reasonable efforts to assist underwriters in their efforts to comply
with SEC Rule 15c2-12 and the various MSRB rules pertaining to
underwriters.
B. Consistent with
any continuing disclosure undertakings executed by the State Treasurer, the
State Treasurer will file a copy of the State's CAFR, and other information the
State Treasurer deems pertinent or is required to be filed under any continuing
disclosure undertakings and will be disseminated to the market in a timely
manner through www.emma.msrb.org
or such successor as the SEC or MSRB may designate.
C. The State Treasurer implements the
following post-issuance compliance procedures, to ensure each Financial
Obligation complies with state and federal law and the financial covenants made
by the State in the related financing documents governing the issuance. The
State Treasurer may request information from the related State Agency including
the following:
1. Tax Compliance. Upon the
advice of tax or bond counsel, information required by the Internal Revenue
Service for post-issuance compliance procedures of the issuance or incurrence
of a particular type of Financial Obligation such as Qualified School
Construction Bonds.
2. Private Use.
Information necessary to monitor and take corrective action to comply with
Internal Revenue Code requirements restricting the private use of facilities
constructed with tax-exempt proceeds.
3. State Law Compliance. Documentation to
ensure compliance with State law governing lease purchase financing that
requires annual appropriation and renewal of a lease.
4. Financial Covenants. Information or
documentation to ensure compliance with the covenants made by the State in the
related financing documents requiring insurance and record retention.
5. Reporting Covenants. Information and
documentation to ensure compliance with reporting requirements pursuant to
documentation with providers of credit enhancement and/or liquidity support or
continuing disclosure agreements.
Notes
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