Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael Callagy, County Manager
Subject: Resolution adopting County Debt Disclosure Policy
RECOMMENDATION:
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Approve a resolution adopting the San Mateo County Debt Disclosure Policies and Procedures.
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BACKGROUND:
The County periodically issues public debt to finance certain capital projects as authorized by law and in coordination with the San Mateo County Joint Powers Financing Authority. The County is required by law to disclose material information in connection with its public debt offerings at the time of the offering and on a continuing basis to ensure accurate and complete disclosure of material facts.
Under federal securities laws, the County must exercise reasonable care to avoid material misstatements or omissions in preparing investor information that is used to sell the County's bonds in primary offerings. The County may not knowingly or recklessly include material misstatements or misleading statements in other investor information while its bonds are outstanding. Knowledge of any officer or employee of the County as well as information in files of the County may be imputed to the County. This Board has duties with respect to the approval of a preliminary official statement prepared in connection with public debt offerings.
DISCUSSION:
The proposed San Mateo County Debt Disclosure Policies and Procedures ("Disclosure Policy") presented to this Board are intended to formally confirm and enhance the County's existing policies and procedures in order to facilitate compliance with federal securities laws and existing continuing disclosure contracts. The Disclosure Policy is applicable to the County, the San Mateo County Joint Powers Financing Authority, and any other related entities of the County that issue bonds and for which the Board of Supervisors of the County acts as the governing board.
The Disclosure Policy ...
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