i.5.2.5 Reports to the California Debt and Investment Advisory Commission
Government Code Section 8855 requires California public agencies that issue debt to provide certain reports to CDIAC. These include the following:
REPORT OF PROPOSED DEBT ISSUANCE – Issuers must notify CDIAC of their intent to issue debt at least 30 days before the sale of the debt, including a certification by the issuer that it has adopted local debt policies which shall include the following information:
- The purposes for which the debt proceeds may be used
- The types of debt that may be issued
- The relationship of the debt to, and integration with, the issuer’s CIP or CIB, if applicable
- Policy goals related to the issuer’s planning goals and objectives
- The internal control procedures that the issuer has implemented, or will implement, to ensure that the proceeds of the proposed debt issuance will be directed to the intended use
REPORT OF FINAL SALE OF DEBT – No later than 21 days after the sale of the debt, issuers must report to CDIAC and include the pricing on the bonds (in addition to the information provided in the Report of Proposed Debt Issuance).
ANNUAL DEBT TRANSPARENCY REPORT – Issuers who submit a report of final sale to CDIAC on or after January 21, 2017, must provide an annual report to CDIAC until the debt has been repaid and the proceeds have been fully spent. The report captures for the reporting period beginning and end balances on principal outstanding, authority remaining, and the use of bond proceeds. The reporting period is July 1 through June 30.
Data compiled from each of these reports is available on the CDIAC website at www.treasurer.ca.gov/cdiac.