In 2016 Senate Bill 1029 (Hertzberg) was signed into law requiring additional debt reporting beginning January 1, 2017. This law requires the state to track and report on all new state and local government debt until it is fully repaid or redeemed.
SB 1029 amended Government Code Section 8855(i), which requires California’s state and local public agencies to submit a Report of Proposed Debt Issuance (RPDI) to the California Debt and Investment Advisory Commission (CDIAC) no later than 30 days prior to the issuance of any debt.
Local agencies will now have to certify on the RPDI that they have adopted debt policies that include specific statutorily required elements and that the proposed issuance is consistent with those policies.
Additionally, SB 1029 added Section 8855(k) to the Government Code. The new section includes a requirement for state and local agencies to submit a Debt Accountability Report (DAR) to CDIAC on the status of any debt for which it has submitted a Report of Final Sale (RFS) on or after January 21, 2017. The DAR shall cover the reporting period of July 1 to June 30 and it must be submitted to CDIAC no later than January 31 of each year; with the initial reports due no later than January 31, 2018.
After seeking testing and input from public agencies, including special districts, CDIAC officially launched the SB 1029 Annual Debt Transparency Report on Monday, October 23rd. Both the report and filing instructions are now available on the CDIAC website at: http://www.treasurer.ca.gov/cdiac/reporting.asp.
CDIAC has scheduled two webinars to train report filers on the reporting process. The first is scheduled for November 8th, 10:00 am to 11:30 am, highlighting reports filed by issuers of general obligation and revenue bonds. The second is scheduled for November 15th, 10:00 am to 11:30 am, covering commercial paper and Mello-Roos. Filers will benefit from one or both sessions irrespective of the focus of the webinar. You may register for webinars at http://www.treasurer.ca.gov/cdiac/seminars/index.asp.
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