5.e) Staff Report-Limited Disclosure Dissemination Agent Agreement
Staff Report
Date of Meeting:
December 16, 2014
To:
City Council
From:
Kristina Handt, Administrator
Dissemination Agent
Re:
Limited Disclosure Agreement
Background:
The City currently has outstanding bonds that are subject to Continuing Disclosure under the
Securities and Exchange Commission Rule 15c2-12. The rule requires that the City submit the
previous year’s audit annually as well as any material events that occur to the EMMA (Electronic
Municipal Market Access) website for investor review. The deadline for submitting the materials is
December 31, 2014.
Issue:
Should the City approve the agreement with Northland Securities?
Proposal Details:
A copy of the proposed agreement is included in your packet. The agreement has been reviewed
by City Attorney Andy Pratt who made some suggested changes that Northland incorporated into
the agreement.
Fiscal Impact:
The annual fee is $435 for up to three bond issuances and $645 for four or more. Currently, the
only bond the agreement covers is the one for the fire truck and dump truck.
Options:
1)Approve the Limited Disclosure Dissemination Agent Agreement
2)Do not Approve the Limited Disclosure Dissemination Agent Agreement
Recommendation:
Option 1.