Remember, simply enrolling is not enough to allow your district to participate in the Prop 1A securitization program. Boards of directors must approve, sign and return documentation by 5 p.m. on Friday, November 6, 2009. Because the bonds will be priced on November 9 and 10, California Communities, the State Treasurer’s Office and the State Department of Finance will not permit any exception to this deadline.
To participate in the program, you must first enroll in the Prop 1A securitization program. Click here to enroll. Once you enroll in the program, Orrick, Herrington & Sutcliffe (Orrick) will send you customized legal documents. Districts must return completed and unaltered legal documents to Orrick by 5 p.m. on November 6, 2009.
Many districts have enrolled in the program but have not sent in their completed legal documents. Visit the website to check the status of your documents. If you do not see your agency listed and believe your agency has correctly submitted documentation, contact Orrick immediately at prop1a@orrick.com or by calling (916) 329-4915.
In addition, it is imperative that legal documents are not altered or changed in any way. Documents recreated from the sample forms on the California Communities website will not be accepted. Documents that have been retyped, reformatted, or otherwise manipulated, including the Board Resolution and the Opinions of Counsel, will not be accepted. Print and execute the documents exactly as they were provided to you with only such changes as are specified in the instruction letter provided with your documents.
Here is what you should expect once you enroll:
- Enrolled local agencies receive an automatic email reply after successfully submitting an enrollment form.
- One day after enrolling, you may check the California Communities website to confirm that your agency’s enrollment has been received.
- Two days after enrolling, you will receive customized legal documents including a board resolution and purchase and sale agreement.
- Copies of the approved board resolution and signed documents must be returned to transaction counsel (Orrick) by November 6, 2009.
If the documents are not correctly completed and delivered by that deadline, your agency will not be allowed to participate in the program. If you have any concerns about the correct completion of your documents, please send them in early so that there will be time to correct them before the November 6 deadline.
Please visit the California Communities website at www.cacommunities.org/prop1a for more information about the Prop 1A securitization program.
Specific questions about the Prop 1A securitization program may be directed to:
prop1A@cacommunities.org or (800) 635-3993 x260.