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Reminder:  Gateway Debt Verification Due March 1

By Susan Borries Reed, Director of Disclosure Strategy and Services, February 13, 2018

Local units of government will once again be required to complete an annual review and verify the accuracy of its debt on the State’s Gateway website.  Debt that must be verified includes:

  • All bonds and loans (except temporary loans)
  • Lease rentals of real property;
  • Equipment that is under a lease-to-own arrangement (not short-term leases for equipment like copiers and vehicles; and
  • For cities, towns and counties, any utility or redevelopment commission debt.

Additionally, issuers need to provide supporting documentation for any debt that was issued after January 1 2013.  For debt issued with an official statement, the official statement needs to be filed.  However, for debt that did not require an official statement (not subject to SEC Rule 15c2-12), the Department of Local Government Finance, requires that “bond covenants be filed”.  Most bond covenants should be captured by filing the authorizing document (indenture, resolution, or ordinance) and bond purchase or loan agreement.

Should you require assistance or have any questions, either with the verification process or providing the supporting documents, please contact Umbaugh at .(JavaScript must be enabled to view this email address).

 

Information in this article was believed current as of the date of publication. As you know, changes occur frequently. The information presented is of a general educational nature. Before applying to your specific circumstances, please contact us at vision@umbaugh.com.


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