D

debt financing

• Introduction
• i.2.2.2 When should a public agency consider debt?
• 4.3 What is an Issue of Debt?
  For interest on a bond to be tax-exempt, the bond must be debt under general federal tax law principles.

debt issue

• Issue (noun)
• 2.1 Overview
  Factors determining structure, including issuer, term, source of repayment, and debt limits.
• 2.4.7 Investments
  Decisions regarding the investment of proceeds
• 5.7.2 Targeting Investors
• B.1.3.1.3 Policy Considerations for Issuing GO Bonds
• C.1.1 State and Local Organizations (See “tax-exempt debt”)

debt limit

• Debt Limit
• 1.2.1 Debt Limit
  Voter approval requirements imposed by the State Constitution to restrict the ability of certain public agencies to incur unfunded, long-term obligations
• A.1 California Consitutional Provisions Relating to Local Public Agency Debt (See “California Constitution”)

debt management policy

• Debt Policy
• i.5.1.1 Debt Management Policies
• 8.1 A Framework for Managing Bond Funds
  An approach to managing bond proceeds.

debt reporting

• A.6 General Bond Statutes (See “CDIAC” and “CDLAC annual filings”)

debt structure

• Municipal Debt Structures
• i.4.1.1 Pre-Issuance Phase
• i.4.1.3 Post-Issuance Phase
• 1.2.4 Exceptions to the Debt Limit
  California courts recognize several exceptions to the constitutional debt limit.
• Chapter 2. Debt Structures: What Factors Drive Structuring Decisions?
• Figure 2-1 Basic Cash Flow for a Variable-Rate Demand Obligation or “VRDO”
• 3.1 Introduction: What Constitutes A “Type” Of Debt Obligation
  Features of a debt obligation
• 3.2 Diagrams of Basic Debt Obligations
  The cash flows for three fundamental debt structures help to explain difference between debt types based upon the security and source of payments.
• 5.2.2 Disadvantages of a Competitive Sale
• 5.3.1 Advantages of a Negotiated Public Offering

DebtWatch

• 5.4.2 Underwriting Fees and Expenses
• C.1.1 State and Local Organizations

default and remedies

• Default/Event of Default
• 2.4.8 Events of Default and Remedies
  Actions to be taken in events of default and the remedies to be applied

defeasance

• Defeasance
• 2.3.1.3 Optional Redemption
  Optional redemption of principal
• 2.4.10 Discharge and Defeasance
  Means by which the debt obligation may discharged or defeased.
• 3.7.6 Refunding Bonds
  Refunding obligations are any municipal debt obligations used to pay principal, interest and premium on other municipal debt.
• Figure 8-1 Notice of Material Events (As of August 1, 2018)
• 9.3.2 Bond Document Provisions
  Role of bond documents in the investment of bond funds.
• 9.5.1 Arbitrage Rebate and Yield Restriction

Dillon’s Rule

• Dillion’s Rule
• 1.1 A Public Agency’s Authority to Borrow
  This chapter provides an overview of the statutory and legal framework within which California local public agencies may incur debt and obtain the funds needed to repay it.

direct loans

• Direct Loan
• Figure 3-2 Private Placement (Direct Lease/Loan)
• 3.7.1 Direct Loans
  A direct loan is an extension of credit by a bank or other financial institution to a public agency borrower.
• 5.5.2 Direct Loans

disclosure

• Disclosure
• Continuing Disclosure
• i.3.2.1 Compliance with Municipal Securities Laws – Disclosure
• 6.1 Federal Securities Laws
  While municipal securities are exempt from the registration requirements of federal securities law, they are subject to other rules.
• 6.1.4.1 Recent SEC Enforcement Focus
• 6.3.3 Disclosure Standards and Guidance
  Sources of guidance as to what may be desirable to include in an OS.
• 8.5.1 Audited Financial Statements

• audited financial statements
  • Annual Report
  • Comprehensive Annual Financial Report (CAFR)
  • 8.5.1 Audited Financial Statements
• conduit offerings
  • Conduit Financing
  • 6.3.5 Conduit Offerings
    What information should be included regarding the conduit issuer in the OS.
• continuing disclosure
  • i.5.1.2 Disclosure Policies
  • 2.4.5.1 Debt Covenants
  • 8.4 Continuing Disclosure
    Public agencies take on certain responsibilities to file information regularly when they issue municipal securities, including an annual report and notices of certain events.
• material events
  • Listed Event
  • i.5.1.2 Disclosure Policies
  • 8.4.2 Event Notices
    Event notices required by SEC Rule 15c2-12.
• Official Statement
  • Official Statement/Preliminary Official Statement
  • i.3.2.1 Compliance with Municipal Securities Laws – Disclosure
  • 5.1 What is a public offering?
    Characteristics defining a public sale of debt.
  • 5.5 Private Placements
    Private placements are sale transactions in which the issuer sells the entire issue of debt to a single or to a limited number of investors.
  • 6.3 The Official Statement
    The offering document in a public offering of municipal securities.
• policies
  • Disclosure Policy
  • i.5.1.2 Disclosure Policies
  • 6.3.3 Disclosure Standards and Guidance
    Sources of guidance as to what may be desirable to include in an OS.
• Preliminary Official Statement
  • Official Statement/Preliminary Official Statement
  • 5.2 Competitive Sales
    The sale of debt using a competitive pricing approach.
  • 6.3.1 Role and Purpose of the Official Statement and the Preliminary Official Statement
• public statements and other disclosures
  • 8.5 Other Disclosures to the Market
    Other forms by which issuers may communicate to market participants.
• secondary disclosure
  • 6.1.3 Secondary Market Disclosure
    Federal securities laws as they apply to communications with secondary market participants.
• transactions with credit or liquidity support
  • Credit Enhancement
  • Bond Insurance
  • Letter of Credit/Line of Credit
  • 6.3.4 Transactions with Credit or Liquidity Support
    The OS must include a description of the terms of that credit or liquidity support and disclosure regarding the credit or liquidity provider

discount bonds

• Discount
• Original Issue Discount
• 2.2.2.1 Long-Term, Fixed-Rate Debt

Dodd-Frank Wall Street Reform and Consumer Protection Act

• Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)
• i.4.1.1 Pre-Issuance Phase
• 5.6.1 What Credit Ratings Mean