Broken Arrow City Council
Meeting of: 11-07-2017
To: Mayor and City Council
From: Office of the City Attorney
Title:
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Consideration, discussion, and possible approval of and authorization to execute an Engagement Letter with the law firm of Hawkins, Delafield, and Wood, LLP, to function as special counsel in connection with certain federal securities law matters relating to the City's disclosure practices in connection with the City's issuance and administration of general obligation bonds issued by the City
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Background:
Rule 15c2-12 of the Securities and Exchange Commission (SEC) requires dealers, when underwriting certain types of municipal securities, to ensure that governmental entities issuing the bonds enter into an agreement to provide certain information to the Municipal Securities Rulemaking Board (MSRB). Submission of this information is required on an annual basis. The continuing disclosure agreements for issues after 2010 require submission of annual financial information as well as certain event notices. The annual financial information generally consists of financial information and operating data and audited financial statements. Event notices typically include information on any principal and interest payment delinquencies, non-payment related defaults, unscheduled draws on debt service reserves and credit enhancements, substation of credit or liquidity providers, adverse tax opinions or other events affecting the tax-exempt status of the security, modification of rights of security holders, bond calls and tender offers, defeasances, release, substitution or sale of property securing repayment of the securities, rating changes, bankruptcy, insolvency or receivership, merger, acquisition or sale of all issuer assets, and appointment of a successor trustee. Annual disclosures are required to be submitted through the Electronic Municipal Market Access website (known as "EMMA"). EMMA displays continuing disclosure in...
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