What is Keygent's Continuing Disclosure Filing Program?

Each issuance of publicly-sold bonds includes a continuing disclosure certificate which states that the issuer agrees to provide certain information to the investment community. It is required by Rule 15c2-12 of the Securities Exchange Act of 1934. The Rule requires an annual report and notices of material events to be filed on the Municipal Securities Rulemaking Board's website. Each outstanding financing typically requires its own filing.  Keygent’s Continuing Disclosure Filing Program currently assists approximately 60 California K-14 districts to comply with the requirements.

  • Review of past continuing disclosure filings

  • Monitor credit rating changes

  • Send out quarterly reminders of continuing disclosure obligations

  • Prepare and file annual reports

  • Prepare and file material event notices

  • Prepare CDIAC filings

What is Keygent's CDIAC Filing Program?

As required by Senate Bill 1029, each issuer is required to file an annual report with the California Debt and Investment Advisory Commission  ("CDIAC") for debt issued after January 21, 2017. The annual reports are due on January 31st each year.  The report must include information about debt issued and outstanding and the use of proceeds from debt during the reporting period, including:

1.    Information about debt authorized, including amounts issued, lapsed, and not yet issued at the start and end of the reporting period.
2.    Information about debt outstanding, including amount paid during the reporting period and balances at the start and end of the reporting period.
3.    Information about debt issued during the reporting period, including proceeds available, amount spent and amount remaining, and purposes for which it was spent. 

Keygent’s CDIAC Filing Program files the required information on an annual basis.  Additionally, issuers are required to have a debt policy in place prior to the issuance of any new debt per Senate Bill 1029.  Keygent has assisted numerous K-14 districts with the implementation of a debt policy to comply with the new law.