Reporting Fee Schedule
Effective July 1, 2010 to Present
Pursuant to Section 8856 of the California Government Code, the California Debt and Investment Advisory Commission (CDIAC) adopted the following fee schedule.
- Issues with Long-Term Maturities: The lead underwriter , the purchaser, or the lender of any public debt issue which has a final maturity greater than eighteen (18) months shall be required to pay a fee to the California Debt and Investment Advisory Commission in accordance with the following fee schedule:
For such issues sold on or after July 1, 2010, the fee will be equal to 1.5 basis points (0.015%) of the principal amount of the issue, not to exceed three thousand dollars ($3,000).
- Issues with Short-Term Maturities: The lead underwriter, the purchaser, or the lender of any public debt issue which has a maturity of eighteen months or less, including those issues sold in a pooled financing (e.g. a TRANs pool), shall be required to pay a fee to the California Debt and Investment Advisory Commission in accordance with the following schedule:
For such issues sold on or after July 1, 2010 the fee will be equal to one hundred and fifty dollars ($150).
- Issues Purchased by Agencies of the Federal Government: Notwithstanding Sections 1 and 2 above, no fee shall be charged on any issue purchased by an agency of the federal government.
- Issues of Less Than $1,000,000: Notwithstanding Sections 1 and 2 above, no fee shall be charged to the lead underwriter , the purchaser, or the lender of any public debt issue which has a par value amount less than one million dollars ($ 1,000,000), regardless of the term of the issue.
- Marks-Roos Financing Authority Issues: One fee will be assessed for Marks-Roos Financing Authority bond issues where the bond sales occur simultaneously (i.e. reports filed with the Commission are received on the same date, financings are sold on the same date, and with the same financing team).
- All Proposed and Final Sales to be Reported to the California Debt and Investment Advisory Commission: Nothing in this fee schedule relieves an issuer from giving written notice of a proposed debt issue no later than 30 days prior to the proposed sale, or to give final sale information within 21 days of the sale, to the California Debt and Investment Advisory Commission as required by Section 8855 of the California Government Code.
Aggregation of Principal Issued: All of the following three conditions must be met for the principal of multiple financings to be aggregated as a single issue for the purposes of calculating the CDIAC issuance fee.
- Reports of Final Sale are filed with CDIAC on the same day.
- Reported financings were done by the same issuer, sold on the same date, and purchased by the same lead underwriter, purchaser, or lender, or syndicate.
- If a negotiated sale, financings were for the same program/project, or if a competitive sale, financings were purchased with one bid.
Future Fee Increases: Nothing in this fee schedule shall prevent the Commission from increasing fees at a future meeting if it is determined that additional fees are required to cover likely expenditures.
For instructions on submitting reporting fees by wire transfer, please contact CDIAC.
Fee Schedule Adopted: July 15, 2010.
Principal Aggregation Conditions Adopted: January 15, 1987, Policy Memo 87-02.
Fee Schedule reflects amendments to Sections 8855 and 8856 of the Government Code made by AB 2274 Gordon (Statues of 2014, Chapter 181, Sections 1 and 2).