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AUDITOR-CONTROLLER
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Requested Action(s)
recommendation
a) Request approval and authorization to file the Fiscal Year 2023/24 Annual Disclosure Report for the County of Tehama Certificates of Participation (COP) Series 2014
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Financial Impact:
There is no financial impact to this process. This is necessary to meet a reporting requirement.
Background Information:
The Federal Securities Exchange Commission (SEC) regulations require that municipal bond issuers file certain fiscal reports each year. Tehama County has executed a ‘Continuing Disclosure Agreement’ pursuant to these regulations in connection with the 2014 COP, which sets forth the specific contents of these reports.
The 2023/24 annual report (due by March 31, 2025) is presented for approval in accordance with this process. The report meets the requirements of the SEC regulations and the county’s Continuing Disclosure Agreement criteria.
The review process for the 2014 Certificates of Participation involved a lot of demographic and financial data which was included in the certificate document itself.
The COP documents spell out the data sets that are to be updated annually under the Continuing Disclosure Agreement. Those updated data sets are attached for review. The data, once filed, will be available to bond holders, future investors, credit rating agencies and other interested parties.
As part of the agreement, the Auditor’s Office will also submit a copy of the Audited Financial Statements for year end June 30, 2024.