TO: All Political Subdivisions
FROM: Micah G. Vincent, Commissioner
RE: Gateway Debt Management
DATE: January 9, 2014
In both 2012 and 2013, the Department of Local Government Finance (“Department”) utilized Gateway Debt Management to fulfill debt reporting requirements under IC 5-1-18-9(b).
Under IC 5-1-18, the following debts must be reported in Gateway Debt Management:
· All bonds issuances.
· All loans, with the exception of temporary loans payable from current revenues.
· Lease rentals of real property (buildings and other permanent structures).
· Any piece of equipment that is under a lease-to-own arrangement. Short-term leases of equipment such as copiers and vehicles do not need to be reported.
· Any debts incurred by municipal utilities or redevelopment commissions must be reported by the establishing city, county, or town.
In 2014, the Department will require units to complete an annual review and verify the accuracy of the debt information in Gateway. All political subdivisions are required to complete this verification no later than March 1, 2014.
To fulfill this requirement, local officials will need to log in to Gateway, enter the Debt Management application, review the debt reports previously submitted, and sign the affirmation statement indicating that all debt information is current and correct. Any missing or incomplete debt reports must be submitted before signing the affirmation statement. Similarly, any submitted debt reports with errors must first be unlocked, corrected, and resubmitted before the affirmation statement can be signed. Debt reports can be unlocked by contacting the Department at email@example.com. Any reports for debts that have been fully refinanced or repaid must be marked as “retired” prior to signing the affirmation statement. If the unit has no debt outstanding, local officials must sign the affirmation statement to indicate their units of government have no outstanding debt.
Local officials are also reminded that units are required under IC 5-1-18-6 to report new debt as it is incurred. Units must complete a report in Gateway Debt Management no later than one month after the date on which the bonds are issued, the loan is closed, or the lease is executed.
Additionally, for new debt issuances after January 1, 2013, certain supporting documentation also must be uploaded under the “File Upload” section of Gateway Debt Management. Statute requires that a copy of the official statement and bond covenants, if any, must be supplied.
Full instructions on completing a debt report and uploading supporting documentation in Gateway Debt Management can be found athttp://www.in.gov/dlgf/files/User_Guide_-_Gateway_Debt_Management.pdf.
If you need help accessing or utilizing Gateway Debt Management, or if you have any questions concerning this memo, please contact Ryan Burke at firstname.lastname@example.org or (317) 234-7987.