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Council approves Hilltop Securities as PID dissemination agent
Summary
Council approved a master agreement authorizing Hilltop Securities to serve as a dissemination agent and assist PID administration and disclosure tasks; S1 clarified fees will come from PIDs, not the city general fund.
The council unanimously approved a master agreement to authorize Hilltop Securities to assist with PID administration and dissemination tasks on Aug. 7.
S1 explained Hilltop Securities will prepare required disclosures, annual reports and audit-related tasks for the city's four PIDs. "None of this comes out of our pocket," S1 said, clarifying that the PID administrator and district assessments will cover Hilltop’s fees.
Council members said they have prior positive experience with the firm and moved to approve the professional arrangement; the motion passed by voice vote with all members present recorded as "aye."
Why this matters: PID administration requires specialized disclosure and reporting. Outsourcing those duties to a dissemination agent reduces staff burdens and centralizes compliance for bond and assessment reporting.
