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ZZZ0 A-RAMA 0 > Disclosures, Pre- + Post-Issue > Flashcards

Disclosures, Pre- + Post-Issue Flashcards

1
Q

What type of bonds are impacted by State reporting & financial disclosure requirements?

A

All GOB & revenue bonds that mature 1 year or more.
But not bond anticipation notes.

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2
Q

What LGs are impacted by bond State reporting & financial disclosure requirements?

A

All.

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3
Q

Who must LG give notice to & for what?

A

Division of Bond Finance with advance written notice of the impending sale of GOBs + revenues (maturing 1 yr or more)

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4
Q

Besides the Division of Bond Finance, what other types of notice might be indicated?

A

Sunshine, public meetings notice.

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5
Q

What are the bond info forms?

A

2003 /2004-A + 2004-B.

03 = gen info, file when you're free
04 = 'f'ees, strictly 120 days [4 mos.]
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6
Q

What is disclosed in 2003?

A

General info, names & addresses of participants.

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7
Q

What is deadline to file 2003?

A 
POST-ISSUE NOTICE
-----------
As soon as possible after bonds issued.
-----------
***don't get confused.  material events are asap no later than 10 days***
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8
Q 
POST-ISSUE NOTICE
----------
What is disclosed in 2004?
-----------
What doc might be included in the filing of 2004?
A

Fees paid by underwriter and LG, incl attorney + consultant.
———–
Official Statement, if one issued.

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9
Q

What is deadline to file 2004?

A 
POST-ISSUE NOTICE
-----------
'20' 04 = 1 '20' days
-----------
Within 120 days of issuance.
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10
Q

What types of bonds sale need not be noticed to Div of Bond Finance?

A

• Bonds that mature less than 1 yr.
• Bond anticipation notes.

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11
Q

What bonds are exempt from 2004?

A 
POST-ISSUE NOTICE
-----------
w/o reporting, cd run a CON
-----------
Certain conduit financings.
(industrial development bonds, health facilities revenue bonds, educational facilities revenue bonds).
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12
Q

If fail to comply with post disclosures, what could result?

A

Get reported to Legis Audit Comm. Cd withhold State funds.

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13
Q 
PRE-ISSUE NOTICE
----------
When is Official Statement made?
By who?
Stating what?
A
  • Pre-issuance,
  • Div of Bond Finance.
  • Detail of all bond terms. Rating, Tax exempt, redemption, interest, maturity schedule.
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14
Q

What is a Truth-in-Bonding Statement?

A 
PRE-ISSUE NOTICE
-----------
Issued by Underwriter to LG.
Sets forth:
•	All fees paid (finders fee, management fee).
•	Source of repayment
•	Basic terms
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15
Q

How are LG bonds sold?

A

Competitive bid OR negotiated.

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16
Q

If negotiated sale, what is pre-requisite?

A

LG must make findings that it’s in the best interest of the public.

17
Q

How much notice to public of bond sale?

A

10 days.

18
Q

Local governments must provide advance notice of sale to the Div of Bond Finance for:
(a) all debt obligations of a local government
(b) GOBs only
(c) GOB & revenue bonds, but only if the bonds mature in more than 1 year
(d) GOBs & revenue bonds, but not special assessment bonds

A

C.

19
Q

Form 2004, with respect to sale information must be filed:
(a) for all GOBs and revenue bonds maturing in more than 1 year, but not bond anticipation notes
(b) same as (a) but excluding conduit financings
(c) same as (a) but excluding conduit financings and competitively sold bonds
(d) same as (a) but excluding conduit financings and privately

A

B.

20
Q

Bond information forms required to be filed with the Div of Bond Finance must be filed for all bonds issued by a LG in FL, including conduit financings & obligations maturing in less than 1 year.

A

FALSE

21
Q

Failure to comply with the reporting requirements is a capital offense, punishable by death or life in prison for the chief financial officer of the LG.

A 
FINANCE - T or F
-----------
FALSE     
-----------
Get reported to Legis Audit Comm.  Cd withhold State funds.
22
Q

All fees paid by an underwriter in connection with the purchase of LG bonds must be disclosed to the issuer prior to the sale of such bonds, but no fees, including finders fees, have to be disclosed in the official statement for the bonds.

A

FALSE

23
Q

Notice of the sale of bonds by a LG must be published at least 30 days prior to the sale date.

A 
BONDS, TRUE OR FALSE
-----------
"saleofbond" = 10 ltrs = 10 days
-----------
FALSE, 10 days
24
Q

There are no limitations on the rate of interest which local government bonds may bear.

A

FALSE

statute has complex formula

25
Q

State difference b/w Form 2003 & 2004, include content & filing deadline.

A

0h 3, feel free
0h ‘f’our, ‘f’ees = most important
———–
(A) 2003 - gen info, lenient, asap aft issue, filed by all.
(B) 2004 - fees, strict, 120 days, filed by all but exempt for conduit & bond anticipation notes.

ZZZ0 A-RAMA 0 (216 decks)

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