In a previous post, we discussed the requirement for local governments to send a notice of a proposed borrowing to the “Legislative Joint Committee on Local Government.” This notice is to go to the Committee at least 45 days before consideration of a borrowing by the Local Government Commission, and applies if you are borrowing more than $1 million (with some exceptions, as described in the previous post).
This is only a “notice” to the Committee. The Committee has no formal role in approving your borrowing.
We have updated the standard form we use as a start in drafting these notices, and thought we’d share it – click here for a copy of the form. If you’re working with an outside bond counsel (like us) they’ll be happy to draft the filing for you, but this is certainly something you can do yourself when that’s appropriate.