7.1.2 Report of Final Sale

7.1.2 Report of Final Sale

After public agency debt is sold, California Government Code Section 8855(j) requires the issuer to file a Report of Final Sale with CDIAC, no later than 21 days after the sale date. This report must include a copy of the final Official Statement (OS) for the debt issuance, if one was prepared. If there is no OS, the issuer must provide a copy of the following documents, if prepared for the financing: the indenture, installment sale agreement, loan agreement, promissory note, bond purchase agreement, authorizing resolution, bond specimen, and any other disclosure document. Information to be reported after the sale of debt is detailed and includes but is not limited to, the principal amount sold, sale date, maturity schedule, source of repayment, election information if voter approved, tax status, financing team participants, credit rating, and costs of issuance.116

REASONS FOR PRIVATE SALE OF REFUNDING BONDS AND FOR PRIVATE SALE OF REVENUE BONDS

Local agencies issuing bonds under the Local Agency Refunding Law (Government Code Section 53580 et seq.) or the Revenue Bond Law of 1941 (Government Code Section 54300 et seq.) respectively, are subject to the following reporting requirements if the bonds were sold in a private or negotiated sale.

1. Reason for Negotiated Refunding
   Under California Government Code Section 53583(c)(2)(B), a local agency issuing refunding bonds under the Revenue Bond Law of 1941 (Government Code Sections 54300–54700) in a private or negotiated sale must provide CDIAC a written statement within 2 weeks of the sale explaining why a private or negotiated sale was used.
   
   
2. Reason for Private Sale of Revenue Bonds
   Pursuant to California Government Code Section 54418, a local agency issuing revenue bonds under the Revenue Bond Law of 1941 (Government Code Sections 54300–54700) in a private or negotiated sale must provide CDIAC with a written statement within 2 weeks of the sale explaining why a private or negotiated sale was used.

Furnishing this information on the Report of Final Sale meets the requirements of a written statement pursuant to Government Code Sections 53583(c)(2)(B) and 54418. Note that the Reason for Private Sale of Refunding/Revenue Bonds is due 2 weeks (14 days) after the sale date; while the Report of Final Sale is due within 21 days after the sale date.