Form 668 (Y) (c) for Carlsbad California 2017-2025

Form 668 (Y) (c) for Carlsbad California: What You Should Know

If submitting online, enter the application fee in your online account on CAC. Instructions-Recipient May 31, 2025 — Approval to issue bonds or notes — If you are approved by the CAC, CAC will issue your bonds or notes and the City will issue the corresponding note or bond. Payment for the bonds will be made to the purchaser and the purchaser will immediately transfer funds from its account to the vendor's in a timely fashion. The City is not liable for payment if the vendor's account is overdrawn or mislaid. If the vendor's account is overdrawn or mislaid, the City may transfer funds from the City's designated reserve account. If the vendor's account is overdrawn or mislaid, the purchaser will immediately notify the CAC of the shortfall or mislaid funds and the proceeds will be transferred to the vendor's account and paid through the vendor's payment or account. The vendor can then request reimbursement of the funds from the City and also ask to be reimbursed by the vendor's own account for any unspent funds. If the purchaser is successful in securing payment for the bonds or notes, the holder of the bonds or notes is entitled to a note or bond cancellation agreement. Note for bondholders: A notice of cancellation that is signed by CAC will be sent to the purchaser when its bondholder account balance has been less than 250,000. BIDDER RESPONSIBILITIES: The holder of the bond will pay a principal and interest payment, and if the bond is issued in connection with capital improvement projects that are for any purpose other than a business development project or transportation improvement, the holder of the bond will pay all the project costs, including, if applicable, costs for a public hearing. The bond will be redeemable at any time during the life of the contract. CAC is prohibited from using any proceeds from bonds to reduce, increase or otherwise affect the budget of any city department.

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