(a) Each Issuer Applicant whose Application is approved shall provide to the Authority, within 10 business days following issuance of any Rate Reduction Bonds, the following information:(1) Principal amount of Rate Reduction Bonds sold.(2) The maturity dates of Rate Reduction Bonds sold.(3) The interest rate or rates on the Rate Reduction Bonds sold and, if such Rate Reduction Bonds bear interest at a variable rate, how, by whom and how often such rate is determined.(4) The credit ratings assigned to such Rate Reduction Bonds by nationally recognized securities rating organizations.(5) Whether the bonds were sold by competitive bid or negotiated sale.(6) Comparison of interest rates and transactional costs on the Rate Reduction Bonds with other comparable types of debt occurring near the same time. The Authority shall provide a form for such reports.
(b) Annually no later than March 31, the Authority shall submit to the Legislature a report of its activities pursuant to Section 6588.7(b) of the Government Code for the preceding calendar year ended December 31. The Authority shall require information from Issuer Applicants to ensure that the necessary data is available to complete this report. The report shall include all of the following: (1) Listing of Applications received.(2) Listing of proposed issuances qualified under the provisions of Section 6588.7(b) of the Government Code.(3) Report of Rate Reduction Bonds sold, the interest rates on the Rate Reduction Bonds, whether the Rate Reduction Bond sales were pursuant to public bid or were negotiated, and any rating given the Rate Reduction Bonds by a nationally recognized securities rating organization.(4) A specification of proposed issuances of Rate Reduction Bonds qualified but not yet issued.(5) A comparison of the interest rates and transactional costs on issuances of Rate Reduction Bonds qualified under Section 6588.7(b) of the Government Code with interest rates on comparable types of debt issuance occurring at or near the same time as the Rate Reduction Bond issuances.(c) The Executive Director shall be authorized to seek the information required in sections (a)(1) through (5) from the Issuer Applicant concerning any Application submitted to the Authority for review.Cal. Code Regs. Tit. 4, § 8137
1. New section filed 11-10-2014 as an emergency; operative 11-10-2014 (Register 2014, No. 46). A Certificate of Compliance must be transmitted to OAL by 5-11-2015 or emergency language will be repealed by operation of law on the following day.
2. Repealed by operation of Government Code section 11346.1(g) (Register 2015, No. 20).
3. New section refiled 5-19-2015 as an emergency; operative 5-19-2015 (Register 2015, No. 21). A Certificate of Compliance must be transmitted to OAL by 8-17-2015 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 5-19-2015 order transmitted to OAL 7-28-2015 and filed 9-8-2015 (Register 2015, No. 37). Note: Authority cited: Sections 6588.7(b)(3), 6588.7(b)(7) and 6588.7(b)(8), Government Code. Reference: Section 6588.7(b)(8), Government Code.
1. New section filed 11-10-2014 as an emergency; operative 11/10/2014 (Register 2014, No. 46). A Certificate of Compliance must be transmitted to OAL by 5-11-2015 or emergency language will be repealed by operation of law on the following day.