C.2 Regulatory Resources

C.2 Regulatory Resources

In general, the regulatory resources listed below relate to state and federal laws applicable to tax exempt municipal debt as described throughout various chapters of the [Guidebook]. Public agencies should work with bond counsel, financial advisors and other public finance professionals to ensure they fully understand regulatory and other legal requirements regarding the issuance and post issuance administration of debt.

CDIAC (CALIFORNIA DEBT AND INVESTMENT ADVISORY COMMISSION)

Provides resources about selected topics in municipal market regulations. A list of selected regulatory topics that affect municipal issuers is provided below along with links to additional resources and information.

Although most regulation efforts over the last few years are implementations of the Dodd Frank Act’s objectives for a more accountable and transparent financial market, the SEC and MSRB enact rules that affect the municipal market outside of that Act. Additionally, both the federal and state governments routinely introduce legislation that affects municipal markets, for instance by creating new vehicles to finance debt or refining permissible debt issuance and investment practices. www.treasurer.ca.gov/cdiac/introduction.asp

CALIFORNIA LEGISLATIVE BILL SEARCH
www.leginfo.ca.gov/legpubs.html

CALIFORNIA DEBT LIMIT ALLOCATION COMMITTEE (CDLAC)

Federal law limits how much tax exempt debt a state can issue in a calendar year for private projects that have a qualified public benefit. This cap is determined by a population based formula. CDLAC was created to set and allocate California’s annual debt ceiling, and administer the State’s tax exempt bond program to issue the debt. CDLAC’s programs are used to finance affordable housing developments for low income Californians, build solid waste disposal and waste recycling facilities, and finance direct loans used by in need college students and their parents.
www.treasurer.ca.gov/cdlac/index.asp

CALAFCO (CALIFORNIA ASSOCIATION LOCAL AGENCY FORMATION COMMISSION)

The California Association of Local Agency Formation Commissions (CALAFCO) is a 501(c)3 non profit founded in 1971. CALAFCO serves as an organization dedicated to assisting member LAFCos with educational, technical and legislative resources that otherwise would not be available. The Association provides state wide coordination of LAFCo activities, serves as a resource to the Legislature and other bodies, and offers a structure for sharing information among the various LAFCos and other governmental agencies.
https://calafco.org/

MUNICIPAL SECURITIES RULEMAKING BOARD (MSRB)

As part of its mission to promote a fair and efficient market, the MSRB maintains industry rules and guidance for municipal securities dealer and municipal advisors.
www.msrb.org/About-MSRB.aspx

ELECTRONIC MUNICIPAL MARKET ACCESS (EMMA)

EMMA is a vital tool in fulfilling the MSRB’s mission to protect investors and municipal securities issuers. The EMMA Help page provides information on how to use the resources and tools available on EMMA. See “Chapter 5 – Sale of Municipal Debt – Improving Transparency and Investor Access to the Municipal Market”.
https://emma.msrb.org/EmmaHelp/Index

INTERNAL REVENUE SERVICE (IRS)

www.irs.gov/government-entities/federal-state-local-governments
Includes access to information on tax exempt debt, including forms, guides and checklists relating to compliance with federal tax requirements.

U.S. SECURITIES AND EXCHANGE COMMISSION (SEC)

The mission of the SEC is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public’s trust.
www.sec.gov/about.shtml

GOVERNMENT ACCOUNTING STANDARDS BOARD (GASB)

The GASB is the independent, private sector organization that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles. www.gasb.org/jsp/GASB/Page/GASBLandingPage&cid=1175804799024

UNITED STATES FEDERAL COURTS

The U.S. Courts were created under Article III of the Constitution to administer justice fairly and impartially, within the jurisdiction established by the Constitution and Congress.
www.uscourts.gov/about-federal-courts